A technology company, Uros, is facing charges of gross aid fraud in a trial that begins today in the district court. The founders of the company are accused of providing misleading information to Business Finland and concealing essential facts during product development loans and grants worth more than six million euros in total.
At the time of the alleged crime, one of the suspects was the CEO and the other was the chairman of the board. The company went bankrupt in 2022 and it was determined that it was other than temporarily insolvent, with debts of at least 13.5 million euros and only about 14,000 euros in cash.
In 2019 and 2020, Business Finland became aware of matters that Uros had concealed, which would have led to funding not being granted. In December 2020, Uros sold assets to a parent company at significantly underpriced prices, leading to subsidiaries moving Uros’s assets out of reach from creditors. The Oulu District Court ordered the cancellation of business transactions in October 2021. 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.