BACOLOD CITY, Negros Occidental, Philippines – The intra-corporate feud among members of the wealthy Yanson family, heirs to a transport empire left behind by their patriarch-magnate Ricardo Sr., dragged on to its second year since it broke out publicly in the summer of 2019.
It started early this year as the fight for control shifted to Mindanao with both sides, now called by the press as the Y4 and Y3, called for two separate stockholders meetings on the same day, with both sides being elected to head the Mindanao Star Bus Transport Inc.
Yesterday, it was a battle of news releases from both camps with the Y3 sending reporters a release early afternoon claiming that Leo Rey Yanson, the youngest among the six siblings, was re-appointed 16 January as chairman of board and president of the Mindanao Star Bus Transport, Inc.
His sister Ginnette Y. Dumancas, Ginette’s husband Charles, Rey C. Ardo and Arvin John V. Villaruel were re-elected as members of MSBTI’s board of directors.
“It’s a sham,” lawyer Raul Bito-on told DNX when sought for a reaction over the reported re-appointment of Leo Rey as Mindanao Bus chairman.
Bito-on pointed out Leo Rey “has no right” to call an annual stockholders meeting since his group “do not have the numbers” or a quorum that would legitimize the meeting and, in effect, his re-appointment.
The Y3 is made up of Leo Rey, Olivia, the matriarch, and Ginnette while the Y4 counts eldest sibling Roy, Ricardo Jr., Emily and Celina.
The Y3 said Olivia was also re-appointed as MSBTI’s corporate secretary and treasurer.
The press release added “despite proper and timely notice, stockholders Roy V. Yanson (“Roy”), Ricardo V. Yanson, Jr. (“Ricky”), and Emily V. Yanson (“Emily”) were absent,” a claim that was also denied by Bito-on.
The Y3 retention of leadership over the Mindanao Bus firm came weeks after the Y3 were re-elected to the board of directors of the Ceres Liner Travel and Tours Inc. during its annual stockholders meeting 4 January 2021.
The Y3 had earlier reported that during the meeting, Olivia V. Yanson, Leo Rey V. Yanson, Ginnette Y. Dumancas, Charles M. Dumancas, Anita G. Chua, Arvin John V. Villaruel and Daniel Nicolas Golez were re-elected as members of CLTTI’s Board of Directors.
Leo Rey was also re-appointed as chairman of the board and president of CLTTI, while Olivia was also re-appointed as CLTTI’s corporate secretary and treasurer.
