Quantcast
Article Index |Advertise | Mobile | RSS | Wireless | Newsletter | Archive | Corrections | Syndication | Contact us | About Us| Services
 
Wed, Jun 19, 2013 01:56 PM Philippines      25°C to 33°C
  HOME       NEWS     SPORTS     SHOWBIZ AND STYLE      TECHNOLOGY     BUSINESS     OPINION      GLOBAL NATION    SERVICES
Advertisement
Inquirer Mobile
Property Guide

INQUIRER ALERT
Get the free INQUIRER newsletter
Enter your email address:

 
Money/ Breaking News Type Size: (+) (-)
You are here: Home > Business > Money > Breaking News

  ARTICLE SERVICES      
     Reprint this article     Print this article  
    Send Feedback  
    Post a comment   Share  

  RELATED STORIES  

GALLERY
 

UNFAIR. Gina Lopez, a member of the powerful Lopez clan and managing director of ABS-CBN Foundation, confronts Atty. Hubert Guevara of the Securities and Exchange Commission about its decision to prevent the Meralco management from counting proxy votes whose validity has been challenged by GSIS general manager and president Winston Garcia. Video taken by INQUIRER.net Business editor Salve Duplito.




imns

NEWSFEATURE
Lopezes stick together during boardroom brawl with Garcia

By Abigail L. Ho
Philippine Daily Inquirer
First Posted 21:15:00 05/27/2008

Filed Under: Family, Electricity Production & Distribution, Management Changes, Annual & Special Corporate Meetings

MANILA, Philippines--Theirs is a family that sticks together.

In the jampacked (read: standing room only) Meralco Theater on Tuesday, members of the Lopez family made their presence felt, in support of Manila Electric Co. chairman and chief executive Manuel "Manolo" Lopez.

Good thing, too, as Tuesday's stockholders' meeting proved to be one for the books--in terms of length, excitement and the colorful personalities from all corners of the business, government and consumer sectors that attended the event.

Winston Garcia, president and general manager of the Government Service Insurance System, which holds the second largest stake in Meralco, and the Lopezes' staunchest nemesis-of-the-moment, was outspoken during the meeting, chiding Meralco employees for their lack of manners and their disregard for proper decorum.

This after a lot of booing and jeering from the audience, most of whom were Meralco employees.

Though not on his home turf, Garcia had his share of allies in the audience, led by GSIS legal counsel Estrella Elamparo, who never missed a beat in supporting his comments and in seconding his remarks about the employees' lack of manners.

Several others were one with Garcia in his cause, resulting in a heated exchange among a few shareholders.

Seemingly unable to hold back her emotions any longer, Gina, daughter of the late Lopez patriarch Eugenio Jr., stepped up to one of the microphones to defend the Lopez name.

Addressing the crowd of more than 1,000 people--and directing her comments straight to Garcia at the same time--she said comments besmirching the Lopez name were very offensive and had no basis.

"The statements about the Lopezes resorting to 'dirty tricks' have offended me and other members of the family. We've always lived with the principles of integrity and courage," she said.

She also said the Securities and Exchange Commission order preventing the recognition, counting and tabulation of votes by Manolo and five other Meralco stockholders and proxies under their names was totally unfair.

"The situation that the SEC is opting for is like not giving a voice to half of all the people here. It's not an election at all. Where's the democracy in that?" she said.

While staying out of the limelight, Lopez patriarch Oscar quietly gave his support to brother Manolo, sitting on one of the front-row, center-aisle seats, quietly enduring the near-chaos going on around him.

Past the lunch hour, Oscar even had to content himself with a piece of chocolate--passed around by one of the reporters covering the meeting--to tide him over.

Also providing moral support were Manolo's children Mike and Mark both of whom worked at Meralco; First Gen Corp. president and Oscar's son Federico "Piki" Lopez; and Manuel "Beaver" Lopez and wife Jackie Ejercito.



Copyright 2013 Philippine Daily Inquirer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



Share

RELATED STORIES:

OTHER STORIES:



  ^ Back to top

© Copyright 2001-2013 INQUIRER.net, An INQUIRER Company

The INQUIRER Network: HOME | NEWS | SPORTS | SHOWBIZ & STYLE | TECHNOLOGY | BUSINESS | OPINION | GLOBAL NATION | Site Map
Services: Advertise | Buy Content | Wireless | Newsletter | Low Graphics | Search / Archive | Article Index | Contact us
The INQUIRER Company: About the Inquirer | User Agreement | Link Policy | Privacy Policy

Advertisement
Megaworld
Jobmarket Online
Inquirer VDO
BizLinq