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

Uros CEOs Charged with Gross Aid Fraud in 2011-2015 Case Set for Trial in April”.

In 2011-2015, the founders of technology company Uros are accused of gross aid fraud and are currently on trial in the district court. The suspects have denied any wrongdoing during the preliminary investigation.

The trial is set to begin in April, but the prosecutor’s subpoena application and the police’s preliminary investigation will be published today. The case revolves around product development loans and grants worth over six million euros that Uros received from Business Finland in the 2010s.

At the time of the alleged crime, one of the suspects was the CEO, while the other was chairman of the board. The company declared bankruptcy in 2022, and it was determined that it was not temporarily insolvent. Uros had debts of at least 13.5 million euros and only about 14,000 euros in cash.

In 2019-2020, Business Finland became aware of information that Uros had concealed, which would have led to funding being denied if known at the time. In December 2020, Uros sold assets to a parent company at underpriced prices, leading to subsidiaries moving its assets out of reach of creditors. The Oulu District Court ordered these transactions to be canceled in October 2021. However, Jyrki Hallikainen did not respond to a bankruptcy estate claim by deadline, resulting in a unilateral verdict by the court.

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