Angry investors rough up Bridgecorp boss

Relevant offers

Money

ACC levies may climb again Consumer confidence up, but caution urged Gold bullion dealer's victims want information Student debt myths debunked Damages claims key to Hibernian funds recovery Loan sharks cruising poorest areas - report Auckland, Wellington expensive for expats SFO launches investigation into gold trader World Cup prompts shoppers to open wallets House sales rise, median price stable

Poor old Rod Petricevic. The bankrupt former boss of failed finance company Bridgecorp not only faces a raft of legal woes, but he just can't get any respect from his peers.

When Petricevic visited Auckland's Moreton's Bar and Restaurant in swanky St Heliers recently, his presence went down like a dodgy prawn with the locals.

According to a witness, Petricevic wandered in "dressed up to the nines", with his wife and golfing buddies.

He was soon approached by an elderly man, who appeared to be the friend of someone who had lost money when Bridgecorp collapsed, owing investors the small matter of $450m.

"The old guy said 'I don't think you should be down here'," the witness said.

Things only got worse for Petricevic when he entered the al fresco dining area. The witness looked over to see the former financier sprawled in the gutter with another punter on top of him. A bouncer had to step in, he said, while another customer pinned Petricevic against a wall and said: "F--- off, you're not wanted here."

The witness said: "He's arrogant, he kept driving his Porsche up and down Remuera Rd, past all the people who'd lost money, it's ridiculous."

A manager at Moreton's, who gave his name as Dave, confirmed Petricevic was roughed up.

"He's certainly not popular. It was basically a bit of rough treatment from the guys; they told him in no uncertain terms he's not welcome here, that he's really arrogant, [and] has cost people a lot of money. He left pretty quick; it wouldn't have been a very comfortable environment for him."

This has not been a good year for Petricevic, who has been vilified since the collapse of Bridgecorp left thousands of investors badly out of pocket. In March Petricevic's beloved Porsche 911, which he had transferred to a family trust to avoid creditors, was sold at auction for $150,000 after a court ordered it be seized.

He has spent the year in and out of courtrooms, facing charges laid against him and fellow director Robert Roest under the Companies Act and Securities Act, including making false statements, which carries a maximum penalty of $200,000 or five years' jail.

In June he was banned from directing or managing a company in New Zealand for five years, and the Official Assignee is probing the transfer of wealth from his estate to a family trust. Petricevic and Roest and three other directors face a jury trial next year.

Petricevic did not return the Sunday Star-Times' calls.

- © Fairfax NZ News