Uros, a technology company that went bankrupt in 2022, 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 false information to Business Finland during product development loans and grants worth more than six million euros.
In 2019 and 2020, Business Finland became aware of issues with Uros’s financial management and discovered that the company had hidden essential facts. The police investigation revealed that one of the suspects was the CEO and the other was the chairman of the board during the alleged crime period from 2011 to 2015.
Uros received product development loans of almost five million euros and a grant of 1.25 million euros from Business Finland between 2011 and 2013. However, in December 2020, Uros sold its assets to a parent company at significantly underpriced prices, which led to subsidiaries being used to move Uros’s assets out of reach of creditors. The Oulu District Court canceled these transactions in October 2021 after Jyrki Hallikainen failed to respond to a claim by the bankruptcy estate within the deadline.