6 Apr 2012

Compensation for Bridgecorp investors unlikely

3:22 pm on 6 April 2012

The Shareholders Association believes it is unlikely investors in Bridgecorp will get any significant compensation for their losses.

Former directors Rod Petricevic and Rob Roest were convicted on Thursday on 18 charges and Peter Steigrad was convicted on six charges at the High Court in Auckland.

The finance company collapsed almost five years ago, owing $459 million.

Even though a judge can order reparations, Shareholders Association chair John Hawkins says he doubts investors will get any money back, as the directors are likely to have hidden their funds in trusts and other places where they can't be accessed.