Tuesday, July 29, 2008

At Last They've Grabbed His Passport

Bridgecorp's Rod Petricevic will struggle to do a Christoper Skase now that the authorities have done the intelligent thing and confiscated his passport. (It's well past time the same treatment was dished out to BlueChip's Mark Bryers.)

Bridgecorp founder Rod Petricevic arrives at the Auckland District Court. Photo / Brett Phibbs

(Picture ex NZ Herald)

Interesting to note his lawyer has indicated no decision yet as to whether the charges will be defended. On the available evidence it is difficult to see what defense there might be.

Adolf recalls when Bridgecorp fell over there was a piece in the Herald at the time alleging Petricevic in the previous year paid himself a salary of something around a million dollars and had his fellow directors sign off on a $9.0 million dollar unsecured personal loan. Adolf phoned the liquidators to inquire as to the fate of the loan proceeds and was somewhat surprised to find the liquidator was unaware of the Herald report. Of course the link to the report was supplied.

Strangely, there has been no reference to it since. Was it true or was it not?

If true, it's a hell of a good way to avoid paying tax. You simply get your boss to give you a loan which you never intend to repay.

1 comment:

Barnsley Bill said...

Glad your back, I have had nobody to validate my every thought on matters of finance for a while..
Bryers will probably never set foot in NZ again. If I was him I would be looking to exit Oz for eastern europe just as soon as the money is moved.