• Mon. Mar 4th, 2024

Business Finland Accuses Uros Founders of Aid Fraud in €6 Million Scandal

ByEditor

Feb 13, 2024
Trial of man commences as millions in development loans obtained under false pretenses

In 2010s, Uros, a bankrupt technology company, received product development loans and grants worth over six million euros from Business Finland. However, according to the police’s investigation and a prosecutor’s subpoena application published today, the founders of Uros are accused of gross aid fraud. The suspects denied the allegations during the preliminary investigation.

At the time of the alleged crime in 2011-2015, one of the suspects was the CEO and the other was the chairman of the board. In 2022, Uros was declared bankrupt with debts of at least 13.5 million euros and only about 14,000 euros in cash.

Business Finland became aware in 2019 and 2020 that Uros had concealed essential facts and given misleading information when applying for funding. In December 2020, Uros sold assets to a parent company at underpriced prices, which led to subsidiaries moving its assets out of reach of creditors. The Oulu District Court ordered the cancellation of these business transactions in October 2021 due to non-response by Jyrki Hallikainen, who was considered as representative for Uros Ag in this case.

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