Sat. Feb 24th, 2024
Trial of man commences as millions in development loans obtained under false pretenses

The founders of Uros, a technology company that has since gone bankrupt, are accused of gross aid fraud and will be tried in the district court beginning today. During the preliminary investigation, the suspects denied any wrongdoing.

The trial will focus on product development loans and grants worth more than six million euros in total that Uros received from Business Finland in the 2010s. The police claimed that the suspects provided misleading information to Business Finland and withheld crucial details.

At the time of the alleged crime in 2011–2015, one of the suspects was CEO and the other was chairman of the board. In 2022, Uros was declared bankrupt due to debts of at least 13.5 million euros and only about 14,000 euros in cash.

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

By Editor

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