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Strategic recognises its losses

Strategic Finance, which has a moratorium on the return of investments to debenture holders, reported a loss of NZ$32.8 million in the half year to December 2008. This compared to a loss of NZ$15.7 million in the first six months of the year.Over the period to December 2008, Strategic said it had written off NZ$53 million of bad debts.Strategic froze 15,000 deposits, worth NZ$330 million, in August 2008 before getting almost unanimous approval from investors just before Christmas to operate under a moratorium.Interest.co.nz

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