Bridgecorp investors get payout
Sat, 28 Jul 2012 1:09p.m.
Secured investors in failed finance company Bridgecorp are getting a second payment of 4.5 cents in the dollar, taking payments to eight cents in the dollar.
Receiver Colin McCloy of PwC said that a second interim dividend, worth a total of $20.6 million, would be paid next month.
Bridgecorp was placed in liquidation by the High Court on August 29, 2008 owing $459 million to investors.
The receivers said further payments depended on the outcome of legal proceedings against directors and other parties.
"With the Financial Market Authority's criminal proceedings against the directors having now concluded, the receivers' civil claim, which was filed in January 2012, is now proceeding through the court," Mr McCloy said.
Earlier this month former Bridgecorp managing director Rod Petricevic pleaded guilty to four fraud charges at the Auckland District Court, which led to him serving an extra four months in jail, on top of his existing six-and-a-half year sentence.
The court heard that the luxury yacht Medici was bought with $1.8 million of Bridgecorp money in 2002.
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4/09/2012 4:57:49 p.m.
Pull the other Leg wrote:
Oh the money just vaporised.
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