29 Aug 2012

Bridgecorp director obeys order to return to NZ

9:07 pm on 29 August 2012

A convicted Bridgecorp director has returned to New Zealand to resume a home detention sentence after taking off overseas while awaiting a court decision.

Peter Steigrad stood trial with Bridgecorp directors Rod Petricivec and Rob Roest and was found guilty in April of six charges under the Securities Acts.

Steigrad was sentenced to nine months' home detention, 200 hours' community work and ordered to pay $350,000 in reparation following Bridgecorp's collapse.

The finance company went out of business in 2007 owing nearly $490 million.

Steigrad left the country while waiting to hear if his appeal against his sentence had been granted.

But three judges in the Court of Appeal dismissed his legal challenge earlier in August, and ordered him to return to New Zealand and report to Community Probation by 2pm on Wednesday.

A Corrections Department spokesperson says Steigrad complied with the order.