Public prosecutors want €9.4m from housing corporation CFO

Public prosecutors are hoping to claw back €9.4m from the financial chief at Rotterdam housing corporation Vestia who is suspected of fraud, the NRC reports on Monday.

The paper says officials on Friday went to court to sequester Marcel de Vries’ home in Hazerwoude, the same day he was remanded in custody for two weeks. The sequestration order is for €9,427,500, the Financieele Dagblad said.
De Vries is suspected of receiving large sums of money from banks in return for investing Vestia’s cash in risky financial products. An unnamed middle-man who was responsible for advising Vestia, is also under suspicion but has not yet been picked up.
Vestia’s former boss Erik Staal, who hit the headlines because of his massive salary, is not a suspect, the public prosecution department said. However, his home has been searched in connection with the case, the NRC said.
Vestia, the Netherlands’ biggest housing corporation, ran into difficulty after speculating on the financial markets on interest rates. It has since had to give banks €1.5bn in security for loans and will have to find more cash if interest rates fall further.

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