special deal onpiggybank interest rate
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Special deal on"piggybank" interest rate

Arab Today, arab today

Arab Today, arab today Special deal on"piggybank" interest rate

Auckland - Arabstoday

Bridgecorp gave a company alleged to be its "piggybank" a special deal on its interest rate, far below what the failed finance firm charged other borrowers, a court has heard. However, former Bridgecorp director Rod Petricevic - on trial for allegedly misleading investors - admitted in the High Court at Auckland today that the interest rate should have been set higher. Crown lawyer Warren Cathcart's cross-examination of Petricevic centred today on what is known as the "Barcroft transaction". The transaction involved the sale of loans from Bridgecorp to Barcroft Holdings on June 30, 2006 and represented Bridgecorp's single biggest exposure. The amount Barcroft owed Bridgecorp was originally around $80 million but grew to more than $100 million before the latter company collapsed, owing 14,500 investors $459 million. The Crown argues Bridgecorp used Barcroft as its "treasury or piggybank" and said the companies were closely linked through former director Gary Urwin. Despite the alleged ties, Barcroft was listed as an unrelated company in one of Bridgecorp's prospectus. According to Cathcart, Bridgecorp was only charging Barcroft interest of 3.74 per cent - far below its normal commercial rate of 12 per cent. "Where you aware that the interest rate being charged to Barcroft should have been 12 per cent?" Cathcart asked. "It was not something I became involved with," Petricevic replied. "Were you aware it should have been at 12 per cent?" Cathcart repeated. "Yes I think it should have been," Petricevic said. Petricevic also told the court that Bridgecorp did not obtain an independent expert opinion on whether Barcroft was a related party. In hindsight, Petricevic said the company should have sought advice. The trial of Petricevic and fellow directors Rob Roest and Peter Steigrad continues today. The trio face 10 Securities Act charges and are accused of misleading investors in Bridgecorp's prospectus and other offer documents. As well as the Securities Act counts, Petricevic and Roest face eight charges of knowingly making false statements in offer documents that Bridgecorp had never missed interest payments to investors, or repayments of principal.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

special deal onpiggybank interest rate special deal onpiggybank interest rate

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

special deal onpiggybank interest rate special deal onpiggybank interest rate

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday