Family from Kuusamo among Finland’s highest-income earners despite legal dispute over timber sale

A family from Kuusamo has joined the ranks of Finland’s highest-income earners thanks to significant timber sales, but their success is overshadowed by an ongoing legal dispute. Last year, the Kuusamo-based family business Pölkky Oy was sold to the Austrian forestry company Pfeifer, although the sale amount remains undisclosed. The scale of the deal is reflected in the income statistics for the region; four of the top five earners in North Ostrobothnia belong to the Virranniemi family.

Jaakko Virranniemi topped the income list last year, with total earnings of €32,410,893, primarily from capital income, while only €22,152 came from earned income. He ranks as the third highest earner in Finland overall. Petteri Virranniemi, formerly the CEO of Pölkky, earned €21,937,139, with €360,229 from salaries, placing him ninth nationwide. Laura Virranniemi was the third highest earner in North Ostrobothnia, with €10,720,597 in total income. Pekka Virranniemi followed in fifth with €8,068,182.

The legal complications stem from the sale, with Pfeifer disputing the transaction, alleging overpayment and inadequate information provided during the sale process. This dispute is currently under arbitration, with a resolution expected in January.

In the meantime, Pfeifer has secured a court order to seize Virranniemi family assets worth over €60 million to safeguard potential claims. The Oulu District Court approved this order in May, and the Rovaniemi Court of Appeal upheld the decision in September. Additionally, Petteri Virranniemi faces separate asset seizures of €2.7 million, claimed by Pölkky Oy for alleged damages during his tenure as CEO, which he denies.