29 Jul 2011

Bridgecorp director's family refuses to pay his legal bills

5:50 pm on 29 July 2011

Court documents have revealed the family of the former director of Bridgecorp, Rod Petricevic, is refusing to pay his legal bills.

The documents, obtained by Radio New Zealand, were given to the Auckland High Court earlier in the month when he asked for a stay in proceedings, because he couldn't afford to pay his lawyer.

Mr Petricevic has applied for legal aid for a second time, but in the documents admits it's highly unlikely it'll be granted.

He says he hasn't had any income since June 2007 when Bridgecorp collapsed, and has neither the money, nor the legal or accounting expertise to represent himself.

Mr Petricevic says he has no access to a trust set up many years ago for the protection of his wife and three sons, and they have also refused to use the trusts funds to pay his court fees.

He says a family home has been sold, but the trust still makes no actual income that isn't already earmarked for other liabilities.

Mr Petricevic and four other Bridgecorp directors will stand trial on 5 September over serious fraud charges.

At the time of Bridgecorp's collapse, more than 14,000 investors were owed about $459 million.