A government-backed fund to help the development of modern art, design and architecture, has been defrauded of several million euros by its head of finance, news agency ANP reports on Friday.

The man, named by ANP as Clemens K, transferred €15.5m to domestic and foreign bank accounts earlier this year. Some €12m has been recovered, ANP says.
An international alert has been put out for K who is thought to have fled abroad. A second man has been arrested in Limburg and later freed in connection with the case, ANP said.