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

Uros, a technology company that was once hailed as a success story, is now facing charges of gross aid fraud. The founders of the company are accused of providing misleading information to Business Finland and concealing essential facts in order to receive product development loans and grants worth more than six million euros.

The trial is set to begin today in the district court, with the prosecutor’s subpoena application and the police’s preliminary investigation set to be published. One of the suspects was the CEO and the other was the chairman of the board at the time of the alleged crime in 2011-2015. In 2022, Uros was declared bankrupt and it was determined that it was not temporarily insolvent. The company had 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 the use of subsidiaries to move Uros’s assets out of reach of creditors. The Oulu District Court ordered the cancellation of these business transactions in October 2021. However, Jyrki Hallikainen, who represented Uros Ag in this case, did not respond to bankruptcy estate’s claim within deadline leading to an unilateral verdict by court.

By Editor

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