Three executives of the failed finance company Bridgecorp who are facing criminal charges listened to the case against them at a depositions hearing in the Auckland District Court today.
Bridgecorp chairman Bruce Davidson, directors Cornelius Rob Roest, Rod Petricevic and non-executive director Gary Urwin face 10 charges brought by the Securities Commission, alleging false prospectuses were used.
Bridgecorp collapsed in 2007 owing 14,500 investors $460 million.
Non-executive director Peter Steigrad conceded today there was a prima-facie case to answer and he would go to trial.
Prosecutor Brian Dickie told the court today Bridgecorp was in a "freefall of deteriorating circumstances" when it issued a prospectus to investors which the Securities Commission alleged including false information.
He said had the prospectus been accurate about Bridgecorp's finances, it was unlikely investors would have invested in the company.
The hearing is expected to last at least a week.
