Marjex Mansikkapaikka Oy files for corporate rehabilitation amid financial struggles in Finland
Marjex Mansikkapaikka Oy, a company that has employed around 200 people in the strawberry industry, has filed for corporate rehabilitation due to financial difficulties. The company claims it is insolvent, primarily caused by poor strawberry yields for the 2023–2024 season, achieving only 50% of its target.
In the rehabilitation application, Marjex indicated that the low yield inflated operational costs and labor expenses. To accommodate the minimal harvest, the company had to pay pickers hourly rates instead of a fixed contract price, citing insufficient fruit to pick. The application further reveals that the company’s temporary staffing services also incurred losses, as the expected cleaning needs for the strawberry fields were less than anticipated. Consequently, the company had to pay workers for full hours without a billing basis for its clients, leading to liquidity issues and an uncontrolled cash crisis.
The largest shareholder of Marjex Mansikkapaikka is Arctic International Oy. Janne Naapanki, one of the other shareholders, received a conditional prison sentence in spring 2024 for severe tax fraud and accounting offenses. He is also suspected of serious human trafficking related to the 2022–2023 harvesting seasons while serving as CEO of both Arctic International and Marjex Mansikkapaikka. The police investigation is ongoing, expected to conclude by next spring.
As per the preliminary creditor list submitted to the court, Marjex owes €2.5 million, with the largest external creditor being the Tax Administration. Additionally, Keskinäinen Eläkevakuutusyhtiö Ilmarinen has filed for bankruptcy against Marjex in September 2024.
Marjex requested a temporary injunction against debt collection and enforcement measures before starting the rehabilitation process, but the court denied this request. The company is required to provide an updated financial statement by mid-November to complete its rehabilitation application.