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Thursday, June 30, 2022

Lawsuits mar bus firm’s board meeting in CDO

    THE brewing feud among the Yanson family siblings still marred the annual stockholders meeting of one of the subsidiaries of the family-owned Yanson Group of Bus Companies, held Wednesday, January 12, in Cagayan de Oro City.


    In one faction, consisted of four of the Yanson’s siblings– Roy, Ricardo Jr., Emily and Cynthia Yanson-Lopez—which called themselves the “Y-4 or Yanson 4” has questioned what they considered as an illegal takeover of their other two siblings– Leo Rey and Ginnette Dumancas—of the company’s management with the blessings of the family’s matriarch, Olivia.

       In January 19, this year, the other faction held the stockholders meeting of Bachelor’s Express, Inc. which operates one of the bus company’s  Mindanao fleet also in Cagayan de Oro City which voted for the retention of Leo Ray as chairman of the board.

        Lawyer Philip Sigfrid Fortun, lead counsel of the “Y-4”, in a press conference, said they already filed a case before a Cagayan de Oro court questioning the validity of the said January 19 stockholders meeting as it did not conform with the requirements of the law for convening without the majority members of the board. 
It was learned that in 2019, Olivia and her two children have assumed control of Bachelor Express.

         Fortun contented that the holding of the stockholders meeting and its results were without basis since the three stockholders – Olivia and Leo Rey Yanson; and Dumancas – only constitute the minority of the stockholders of the company.
    The majority members, he said, constitute the contending children – Roy, Ricardo Jr. and Emily Yanson; and Lopez. The four did not participate in the said meeting.
    The result, however, resulted in the reelection of Leo Rey Yanson as chairman and president of Bachelor Express, Inc. while Olivia Yanson was elected as corporate secretary and treasurer.

     Also in January 18, this year, a day before the meeting in question, Mr. Yanson was also elected as president and chairman of Mindanao Star Bus Transport, Inc., another firm of the Yanson Group which is considered as the biggest public bus transport company in Asia.
Fortun said his clients will file a separate lawsuit in connection with the January 18 stockholders meeting which they also deem as illegal.

     The four heirs of Ricardo Yanson Sr. were in Cagayan de Oro City February 12 for the annual stockholders meeting of yet another company owned by the group, Rural Transit of Mindanao, Inc.

     Fortun threatened that if the other Yanson faction will call for a separate stockholders meeting, he will file another lawsuit on the matter on behalf of his clients. The other faction –now also colloquially known as Yanson 3 – is already facing a lawsuit earlier this year in Bacolod and Batangas in connection with the stockholders meeting they called for Vallacar Transit Corporation, yet another firm owned by the group.

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