Uros Founders Charged with Gross Aid Fraud in Multi-Million Euro Scandal

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

The founders of Uros, a technology company that has since gone bankrupt, are facing charges of gross aid fraud. The suspects denied any wrongdoing during the preliminary investigation, but today the prosecutor’s subpoena application and the police’s investigation will be made public.

The trial is scheduled to begin in April and will focus on product development loans and grants worth more than six million euros that Uros received from Business Finland in the 2010s. The police allege that the suspects provided misleading information to Business Finland and withheld crucial facts.

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 was declared bankrupt in 2022 and it was determined to be permanently insolvent. Uros had debts of at least 13.5 million euros and only about 14,000 euros in cash.

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. In October 2021, the Oulu District Court ordered that these business transactions be canceled due to Jyrki Hallikainen’s failure to respond to a bankruptcy estate’s claim within a deadline.

Leave a Reply