BACOLOD CITY—The biggest bus company in the Philippines has a new set of directors.
In a meeting held at the company’s main office in Barangay Mansilingan, Bacolod City on Monday, the stockholders of Vallacar Transit Inc. (VTI) reelected Leo Rey Yanson as the president of the company.
Also elected were Charles Dumancas (vice president), Ginnette Yanson-Dumancas (treasurer), and Olivia Yanson (corporate secretary).
The result of the election was announced in a press conference that saw Olivia and her children, Leo Rey and Ginnette; and the latter’s husband, Charles Dumancas, breaking down in tears.
Olivia’s four other children—Roy, Ricardo Jr., Emily and Celina—did not attend the special stockholders’ meeting and were all removed from the board.
The four Yanson siblings and their mother have been locked in an intracorporate dispute for control of their multibillion-peso firm.
The newly elected officers also passed resolutions, asking the company’s legal team to recommend possible legal action against Celina over her P380-million outstanding obligation to the company in accordance with the audit report from SGV and on the results of the cash, property and asset inventory audit including documents at the main office and south terminal.
SGV was appointed as the corporation’s external auditors for the year 2019.
Meanwhile, the four Yanson siblings—Roy, Ricardo Jr., Emily and Celina—appeared before Bacolod City Regional Trial Court Judge Eduardo Sayson to seek a temporary restraining order and injunction to stop Leo Rey from holding a special stockholders’ meeting.
However, Leo Rey’s lawyer Norman Golez told the court that the meeting had already been held.
Sheila Sison, lawyer of the four Yanson siblings, said the camp of Olivia could not have validly held any stockholders’ meeting on Monday as no quorum constituted that meeting.
In fact, she said majority of the stockholders or six out of the eight stockholders, did not attend the special meeting.