BIZ BUZZ: Yanson Four in fighting form
No sooner had we published the latest developments in the long running dispute within the billionaire Yanson family of Bacolod City and wondered whether the four-year conflict was about to end did we receive our answer: It’s not over yet. Not by a longshot, according to the Yanson Four.
On Thursday, the camp of Roy Yanson, Emily Yanson, Ma. Lourdes Celina Yanson-Lopez and Ricardo Yanson Jr. said that reports that a Cebu branch of the Court of Appeals affirmed arrest warrants against the four siblings were “inaccurate and misleading”.
The Yanson Four’s lawyer Sigfrid Fortun told Biz Buzz that, in fact, the very same decision being cited by the rival camp of Leo Rey Yanson—who is currently in physical control of the disputed company—actually affirmed the court’s earlier decision dated Sept 14, 2022 nullifying the arrest warrants issued by the regional trial court against the four siblings.
It reads: “Wherefore, the petition is partially granted. The court hereby nullifies the order dated March 15, 2022 of the Regional Trial Court, Branch 44, Bacolod City in Criminal Case No. 20-52097, insofar as it directed the issuance of a warrant of arrest against petitioners for having been issued with grave abuse of discretion.”
With this development from the rival Yanson family faction also having been published in other news outfits, Fortun said he found these reports “containing sub judice information prejudicial” to his clients “not only highly inappropriate but also disrespectful to the court processes considering that the matter and issues subject of the report are still the matter of litigation before the trial and appellate courts.”
“Nonetheless, if only to correct the misimpression and disinformation that these reports had caused to the public and prevent any further damage to the interests and reputation of our clients, we deem it necessary to clarify the facts as they actually are,” he said.
“Thus, we refute these inaccurate and misleading reports being circulated online and in other news outlets,” Fortun added, describing the reports that “degrade the orderly administration of justice” as “fake news”.
If all this back and forth sounds a little mundane, just consider what’s at stake: the country’s largest bus transit firm operating over 4,000 units nationwide, with over 18,000 employees … and, it’s been said, close to P15 billion in annual revenues. That’s something.
—Daxim L. Lucas
DITO mystery buyers revealed
DITO CME Holdings Corp. finally revealed in separate disclosures the third party subscribers who purchased a sizable amount of its shares. As it turns out, both of them are Singaporean companies involved in buying stakes in businesses.
The first one, Summit Telco Corp. Pte. Ltd., bought 1.59 billion common shares for P1 each. Xterra Ventures Pte. Ltd. is the other buyer, subscribing to 610 million common shares for P1 apiece.
“The subscription will have positive effect on DITO as it will be able to comply with its capital contribution commitments and since the proceeds of the transaction will support the operations of its subsidiary, DITO Telecommunity Corp., for the roll-out of its telecommunications business,” the company owned by Davao-based businessman Dennis Uy said.
DITO recently launched its 5G home WiFi product and postpaid mobile plans. It is set to offer solutions catering to enterprise clients this year. INQ