Trial of man commences as millions in development loans obtained under false pretenses

A trial for two founders of Uros, a technology company that has since gone bankrupt, begins today in the district court. The suspects are accused of gross aid fraud and have 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. The police allege 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 the CEO and the other was the chairman of the board. In 2022, Uros was declared bankrupt, with debts of at least 13.5 million euros and only about 14,000 euros in cash.

Business Finland became aware of Uros’s concealed information in 2019 and 2020, leading to funding being revoked. In December 2020, Uros sold assets to a parent company at significantly underpriced prices, resulting in subsidiaries being used to remove assets out of reach of creditors. The Oulu District Court canceled business transactions in October 2021 due to this action. Jyrki Hallikainen, who represented Uros Ag in the case, did not respond to the bankruptcy estate’s claim within the deadline, leading to an unilateral verdict by the court.

By Editor

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