Callaghan Innovation $400k out of pocket from Irithm software loan

Callaghan Innovation might never get back the $400,000 loaned to Auckland startup Irithm. (Image: Getty)

Tue, 26 Jul 2022

Callaghan Innovation is unlikely to claw back more than $400,000 in loans to an Auckland software start-up that spent more taxpayer funds on overseas research and development than it should have.The government innovation agency loaned the funds to Irithm in October 2020 as part of its R&D Loan Scheme, which was designed to help keep research and development programmes running through the covid-19 pandemic and was interest free if repaid within 12 months.Irithm was set up in 2018 by sole shareholder and director Ahmed Sharood to develop an &...

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