February 23, 2024 12:21 am
Trial of man commences as millions in development loans obtained under false pretenses

In 2011-2015, two suspects, who were the CEO and chairman of Uros at the time, allegedly engaged in gross aid fraud by providing false information to Business Finland and concealing crucial facts. As a result of their actions, Uros received product development loans and grants worth more than six million euros from Business Finland. However, in 2019-2020, Business Finland became aware of matters that Uros had concealed, which led to the fact that funding would not have been granted if they had known.

The trial for the founders of Uros begins today in the district court. The suspects denied any wrongdoing during the preliminary investigation. The case involves product development loans and grants worth over six million euros that Uros received from Business Finland in the 2010s.

Uros went bankrupt in 2022 after it was determined that it was other than temporarily insolvent. The company 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. The Oulu District Court ordered the cancellation of these business transactions in October 2021 because Jyrki Hallikainen did not respond to the bankruptcy estate’s claim within the deadline, leading to an unilateral verdict by the court.

Today marks the beginning of a trial for two individuals accused of gross aid fraud involving product development loans and grants worth more than six million euros from Business Finland. The suspects denied any wrongdoing during preliminary investigations but were charged with misleading information and concealing essential facts.

Uros went bankrupt in 2022 after it was determined that it was other than temporarily insolvent with debts totaling at least 13.5 million euros and only around 14,000 euros in cash on hand.

In December 2020, Uros sold its assets to a parent company at significantly underpriced prices using subsidiaries to move them out of reach of creditors.

In October 2021, the Oulu District Court ordered the cancellation of these business transactions due to Jyrki Hallikainen’s failure to respond within deadlines.

The prosecutor’s subpoena application and police investigation results will be published today as part of this trial into gross aid fraud involving millions in funding from Business Finland.

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