The founders of technology company Uros are facing charges of gross aid fraud as a trial begins today in the district court. The suspects deny the allegations during the preliminary investigation, but the prosecutor’s subpoena application and police preliminary investigation will be released to the public.
The case revolves around product development loans and grants worth over six million euros received by Uros, which went bankrupt in 2022. The police have accused the suspects of providing false information to Business Finland and concealing vital information during the period of alleged crime from 2011-2015. One of the suspects was CEO while another was chairman at the time.
At its peak, Uros had debts of over 13.5 million euros and only about 14,000 euros in cash. In 2019 and 2020, Business Finland became aware that Uros had concealed critical information that would have led to funding denial. In December 2020, Uros sold assets at significantly underpriced prices to a parent company through subsidiaries, which resulted in business transactions being cancelled by Oulu District Court in October 2021 due to non-response from Jyrki Hallikainen, who represented Uros Ag in the case.