Struggling firm looked after bosses

Kerry Finnigan (left) and Jock Hobbs

Strategic Finance bosses continued to earn big pay even after the business was struggling and months into its moratorium.

While 13,000 investors bucked and agreed to a debt scheme on December 22, 2008, Strategic's management earned huge rewards.

An early receivership could have stopped millions flowing out in executive pay.

Latest accounts from Strategic revealed the big pay scales and show:

Kerry Finnigan got $550,000 in the year to June, 2009 (previously $820,000 in 2008).

Marc Lindale and Graham Jackson got $267,000 each (previously $620,000 and $450,000 respectively).

Jock Hobbs was paid $78,000 (previously $175,000).

Denis Thom got $65,000 (previously $67,000).

David Wolfenden was paid $45,000 (same as in 2008).

All held either executive or non-executive directorships.

Strategic paid these men $4 million collectively in the 2008 year and $2.4 million in the 2009 financial year.

Finnigan yesterday refused to say how much he was paid up until the financier went into receivership on Friday. "But it continues to decline."

The ex-Hanover Group chief executive bristled when asked about his pay. "That's not really the key issue. The key issue is about our investors and how they will end up in all of this."

Strategic declared that 12 employees earned $100,000-plus.