Vestia financial chief arrested for bribery, money laundering

The financial head of Rotterdam housing corporation Vestia has been arrested on suspicion of bribery and money laundering, the Telegraaf reported on Saturday.

Marcel de Vries is suspected of receiving large sums of money from banks in return for investing Vestia’s cash in risky financial products, the paper says. An unnamed middle man who was responsible for advising Vestia, is also under suspicion but has not yet been picked up, the paper says.
Vestia’s former boss Erik Staal, who hit the headlines because of his massive salary, is not a suspect, the public prosecution department 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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