Swansea University has sacked its vice-chancellor for gross misconduct.
Following a disciplinary process, Prof Richard B Davies and Prof Marc Clement, the dean of the school of management, were dismissed.
Both men, suspended since November 2018 on full pay, denied any wrongdoing and intend to appeal the decision.
The university gave no reason for the dismissals but said they followed an independent investigation and an impartial disciplinary panel.
Grievances made by both men were also dismissed and a decision on a third member of staff will be made soon.
Dyfed-Powys Police and South Wales Police said it has received a complaint which is now being considered by Tarian, the Regional Organised Crime Unit for southern Wales.
In a statement Prof Clement said he was "devastated and immensely saddened" by his dismissal.
"I feel wholly let down by the institution I have strived so hard to support and progress over the last decade," he said.
He added that despite his "best efforts to clear his good name" he had been left "frustrated".
"For almost a year, I have been left unable to speak with friends and colleagues or to respond to the myriad stories in the press, both leaked and official."
He said his health had been "greatly impacted" and added the strain on his family had been "immense".
In response the university said it would take any appeal "seriously", adding Prof Clement had been "presented with significant evidence".
"He has been interviewed at length three times and has made multiple written submissions to the independent investigating manager and also the disciplinary panel.
"Despite these numerous opportunities, Marc Clement has been unable to explain his conduct, actions and the extensive documentary and witness evidence satisfactorily to either the independent investigating manager or the disciplinary panel.
"As such, the disciplinary panel has decided to dismiss him. The issues uncovered during this investigation have also been referred to the police."