A male goes on trial for allegedly obtaining millions in development loans with false information

Business Fraud Trial of Uros Founders Highlights Alleged Concealment from Financiers

The trial of suspected crimes in the operations of technology company Uros begins today in the district court. The founders of the company, Jyrki Hallikai and Tommi Uharia, are accused of gross aid fraud. Previously, during the preliminary investigation, the suspects denied any involvement in such acts.

The case concerns product development loans and grants worth over six million euros that Uros received from Business Finland between 2010 and 2015. At the time of the alleged crime, Uhari was CEO of the company and Hallikainen was chairman of its board. Uhari left Uros several years ago while Hallikainen has remained as its main owner.

In December 2020, Uros sold its subsidiaries to its parent company Uros Ag for a total purchase price of around 25,000 euros. However, according to Business Finland, in 2019 and 2020 it became aware that Uros had concealed matters which would have led to the fact that funding would not have been granted. It is alleged that Uros hid from financiers contracts by which results developed and achieved in financed projects were sold and handed over to Luxembourg subsidiary.

The trial begins with a preparatory session where the accused are not obliged to participate. The main hearing is scheduled for April. However, today prosecutor’s subpoena application and police’s preliminary investigation will be published. In October last year, Oulu District Court ordered cancellation of business transactions between Uros and its parent company due to non-payment purchase prices but recording them in accounting as receivables from subsidiaries sold by Uros

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