Dutch police have taken a 52-year-old from the northern village of Franekeradeel into custody. The man is suspected of insolvency fraud and embezzlement.
The suspect is thought to have withdrawn assets from various bankrupt companies. He is also believed to have failed to inform the trustee, the special administrator tasked with selling off valuable assets and transferring the proceeds to the creditors. Not providing adequate information about company accounts and financial statements of bankrupt firms is a punishable offence.
Police investigated the suspect’s role after the trustee had reported him to the police.
Read more about insolvency or bankruptcy fraud.