• Sat. Feb 24th, 2024

Trial of Technology Company Founders Accused of Gross Aid Fraud Begins Today

ByEditor

Feb 13, 2024
A male goes on trial for allegedly obtaining millions in development loans with false information

The trial of suspected crimes in the operations of technology company Uros begins today in the district court. Jyrki Hallikai and Tommi Uharia, the founders of Uros, are accused of gross aid fraud. The police have previously said that the suspects denied the acts during the preliminary investigation.

Uros, which has since gone bankrupt, received more than six million euros in product development loans and grants from Business Finland in the 2010s. At the time of the alleged crime in 2011-2015, Uhari was the CEO and Hallikainen was the chairman of the board. Uhari left Uros some years ago, while Hallikainen has been its main owner.

In December 2020, Uros sold its subsidiaries to parent company Uros Ag for a total purchase price of around 25,000 euros. According to Business Finland, it became aware of matters that Uros had concealed and which would have led to funding being denied if it had been known at the time. It claimed that Uros hid from its financier contracts by which results developed and achieved in financed projects were sold and handed over to a Luxembourg subsidiary.

The trial begins with a preparatory session, where neither party is obliged to participate. The main hearing is scheduled to begin in April. However, today the prosecutor’s subpoena application and police’s preliminary investigation will be published. In October last year, Oulu District Court ordered the cancellation of business transactions between companies owned by Tommi Hallikainen and his family members as well as his close associates due to their failure to pay debts worth more than two million euros.

The court considered that Hallikainen was other than temporarily insolvent as intended by bankruptcy law at that time.

Business Finland claims that it became aware of matters that would have led to funding denial if they had been known earlier.

In conclusion, this case highlights how important it is for companies receiving funding from financial institutions or government agencies to report all necessary information accurately and promptly so that these entities can make informed decisions about granting or denying funds based on this information.

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