Red flags were raised over $400k Callaghan Innovation R&D loan

(Image: Getty)

Thu, 22 Sep 2022

Red flags were raised about a Callaghan Innovation loan to a tech startup when an unnamed organisation claimed the firm was underpaying interns, just a day after the loan was granted. Irithm received a Callaghan research and development (R&D) loan of $400,000 in 2020 to develop "A1-Lego like software visual application" to create integrated body-mass calculator and heart rate applications, but the company is now in liquidation and owes $421,000.After the loan was approved and red flags were raised, the company went on to exce...

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