BIZ BUZZ: Family squabble erupts over money
There is nothing like money—and lots of it—to tear families apart.
Proving this point yet again is a recent case involving a low-key but nevertheless loaded family now embroiled in a bitter dispute over pieces of property and shares of stock worth at least P700 million.
The flashpoint was the death in 2019 of the family matriarch who, unfortunately, did not leave a will. Because of this, the four siblings executed an extrajudicial settlement to equally divide the substantial assets among them.
But one son now claims in a criminal complaint filed with the Office of the City Prosecutor of Pasig City court in July this year that he was abroad when the papers were signed, thus he was neither present nor aware that the settlement had been executed.
He has also accused his siblings and an aunt of forging his signature on the documents that led to the sale of some valuable pieces of property in Makati City and in Pampanga as well as blue chip stocks.
Adding a twist to the familiar tale of sibling rivalry is the participation of a high-profile lawyer who figured prominently during the recent presidential elections and happens to be married to one of the siblings.
The prominent lawyer was asked last August to inhibit from the case. The question that needs to be answered now is … will he indeed take a step back from the court battle, especially as the dispute is just starting to heat up and with more cases expected to be filed soon? Abangan!
FZA back on his feet in Ayala board
Tycoon Fernando Zobel de Ayala appears to be raring to get back to work at the family conglomerate, Ayala Corp., a year after going on medical leave.
Zobel rejoined the board of Ayala last week, taking the place of trusted advisor Mercedita “Edith” Nolledo, who stepped into the role last year in his absence.
He was also appointed chair of the sustainability committee and member of the risk management and related party transactions committee and the personnel and compensation committee at Ayala.
Readers will recall that Zobel was the president and CEO of the conglomerate just before he quit all posts at the sprawling business group when he filed for medical leave. The CEO role was then taken up by longtime executive Cezar Consing, who welcomed Zobel back into the board.
Zobel’s has made a strong recovery since then as he returned as chair of AC Health and rejoined the board of the family’s Bank of the Philippine Islands in recent weeks.
“I look forward to working with the board, the senior management of Ayala Corporation, and our chief sustainability officer Jaime Urquijo in providing oversight and guidance on the company’s ESG strategy,” Zobel said in a brief statement last week.