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

In the spring of 2023, a trial will begin in the district court for the founders of Uros, a technology company that went bankrupt in 2022. The suspects are accused of gross aid fraud and have denied any wrongdoing during preliminary investigations.

The case involves product development loans and grants worth over six million euros, which Uros received from Business Finland in the 2010s. According to the police, the suspects provided false information to Business Finland and withheld critical details.

At the time of the alleged crime between 2011 and 2015, one of the suspects was CEO while the other was chairman of the board. It was determined that Uros had debts of at least 13.5 million euros and only about 14,000 euros in cash at the time of its bankruptcy.

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 business transactions in October 2021 when Jyrki Hallikainen failed to respond to a bankruptcy estate’s claim within the deadline.

By Editor

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