Swedish telco Clear Communications, which acquired a majority stake in Strathfield Group late last year, has unloaded its entire shareholding in the struggling retailer.

Clear Communications sold several loss-making businesses to Strathfield Group a month before its collapse in January. It has now offloaded its shareholding off-market to five separate parties for nearly $68 million, reports The Australian.

Buyers are said to include associates and family members of Clear's Australian-based director, National Telecoms Group founder Tony Hakim.

The company's sudden departure is likely to upset minority investors, who have been unable to trade their own shares since the group's collapse in January -- shortly after the Clear Communications' businesses were acquired in return for 70 per cent of Strathfield's shares.

The seven businesses, which were not individually identified in any of the transaction documentation provided to Strathfield's shareholders at the time, were supposed to have generated $23 million in combined profits during the 2008 financial year. Instead, they posted a $1.8m loss.

The $115 million valuation attributed to the acquisition was later revised down to $40 million by the company's administrator, BRI Ferrier.

And while Strathfield has since emerged from administration, it has yet to produce its latest financial results, which is a requirement of its relisting on the Australian Securities Exchange.