The director of housing corporation Rochdale was sacked on Sunday night following a damning report by forensic accountants at Deloitte.
He had been on leave since October.
Hubert Mollenkamp is said to have been involved in several dubious property transations. He is also reported to have used company money to run a Maserati sports car with chauffeur.
Rochdale is based in Amsterdam and has some 38,000 social housing properties on its books.
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