• Sat. Feb 24th, 2024

Uros Founders Accused of Aid Fraud, Business Finland Denies Funding and Subsidiaries Move Assets

ByEditor

Feb 13, 2024
Trial of man commences as millions in development loans obtained under false pretenses

The founders of Uros, a technology company that went bankrupt in 2022, are accused of gross aid fraud and will begin trial today in the district court. The suspects denied any wrongdoing during the preliminary investigation.

The case involves product development loans and grants worth more than six million euros, which Uros received from Business Finland in the 2010s. According to the police, the suspects gave misleading information to Business Finland and concealed important details.

At the time of the alleged crime in 2011-2015, one of the suspects was CEO while the other was chairman of the board. Business Finland became aware of matters that Uros had concealed in 2019 and 2020, leading to it denying funding.

Uros sold assets to a parent company at significantly underpriced prices in December 2020, which led to subsidiaries moving assets out of reach of creditors. The Oulu District Court ordered cancellation of business transactions in October 2021 but Jyrki Hallikainen did not respond to bankruptcy estate’s claim within deadline leading to unilateral verdict by court.

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