Norwegian entrepreneur Mikael Lade Rones has invested in everything from salmon farming in the United States to cod farming to health food.
But for all his entrepreneurial spirit, the executive has also left a trail of bankruptcies, jilted investors and angry lenders.
Rones founded Norway-based cod farming operation Norcod (he is no longer involved with the group), as well as Maine-based project American Aquafarms in 2019.
Rones is no longer involved with Norcod. American Aquafarms proposed land-based is on hold after several years of local opposition to the project.
Last autumn, investors Ada Kjeseth and Bjorn Mathias Apeland, who lent money to Rones that has not been paid back, went to court to recoup their money.
A few months later, it also became clear that Rones owed Norwegian salmon tycoon Helge Gaso NOK 26 million (€2.2 million/$2.3 million). Eventually, a bankruptcy declaration saved Rones from clearing those debts.
But it didn't stop there.
Auditor firm resigns
On May 26, auditing firm Komplett Revisjon resigned as auditor for the main companies in the Rones portfolio, Global AS and Blue Future.
Managing director of the accounting firm Christian Berg Stenstrom declined to comment to IntraFish on the situation.
But in the auditor's 2021 reports for the two companies, issues such as missing documentation and alleged illegal loans to Rones were highlighted.
Earlier this week, Blue Future management appeared in court following a bankruptcy petition from an employee with an unpaid salary claim.
"We have had persistent liquidity challenges that the judge is aware of," Blue Future CEO Eirik Jors said told the court.
District judge Jan Atle Hansen was also the court's administrator this winter when the Norwegian Tax Agency filed for bankruptcy for Blue Future.
"It was then said that things had been paid for, which turned out to be incorrect. I, therefore, have no confidence in the main owner," Hansen said.
The main owner of Blue Future is Rones.
Blue Future Managing Director Eirik Jors said the unpaid salary will be paid.
"My assessment is that the claim will be settled within a few days," he said.
Thus, the judge and plaintiff agreed to give Rones a two-week payment deadline, until June 20.
On June 16, the same judge will also handle a bankruptcy petition from the Norwegian Tax Agency against Rone's health food company, Global Sky.
New promises
"As you know, we have made no secret of the fact that we have had liquidity challenges for a while, where I and other shareholders have contributed liquidity," Rones told IntraFish sister publication Dagens Naeringsliv.
"A number of measures have been implemented and we see the results of hard work, which will result in our creditors and shareholders being satisfied."
Rones, who also has a background as a stockbroker at Norwegian financial service firms ABG Sundal Collier and Orion Securities, was sentenced to four years in prison for fraud in 2008.
