Harry William Buckle, 51, of Geelong East, is charged with conspiracy to cause an explosion.
He also faces charges of attempted aggravated burglary and attempted criminal damage. He was arrested behind a building in Stawell, western Victoria, on Sunday morning.
Stawell Magistrates' Court heard yesterday the bomb would have levelled the building, damaged nearby homes and businesses and broken windows up to 600m away.
Senior-Detective Warren Groves told the court detectives had observed Mr Buckle wheeling a large bin and carrying heavy items to a gate leading into the yard of Waites Robson Stonemasons.
The wheelie bin contained wires, two jerry cans full of petrol, wrapped-up paper and towelling material, Sen-Det Groves said.
Nearby, police found a 20-litre petrol container, a black ski mask and woollen gloves, two gas bottles, an electronic match and a remote control device.
Sen-Det Groves said he believed the components of the bin constituted a bomb and further testing by explosives experts had confirmed his opinion.
Police allege Mr Buckle, who owns his own stonemasonry business in Geelong, had planned to use the bomb to blow up the Waites Robson building.
Sen-Det Groves said under the right conditions the bomb would have completely levelled the building, causing up to $500,000 damage.
Stephen Howe, for Mr Buckle, said his client had made several references to the incident being a joke and he had only meant to scare the competitor.
He said Mr Buckle had in fact been shocked by the whole incident. "We will be arguing at trial that there are components within the device that simply won't work," he said.
Mr Howe said if bail was not granted, Mr Buckle would suffer serious financial depravation and might lose his business.
Magistrate Maurice Gurvich refused bail. Mr Buckle was remanded in custody to appear in court again in September.
http://heraldsun.news.com.au/common/story_page/0,5478,6577140%255E2862,00.html
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