Lopez majority hits Piki over new contempt case amid ‘peace’ talk

The Lopez majority has criticized Federico “Piki” Lopez for filing a new indirect contempt case against his cousins even as he publicly expressed hopes of reconciliation within the family.

In a statement, the majority bloc accused Piki of sending conflicting signals after receiving copies of the latest complaints filed against them.

READ: Piki files new case tied to hydro

“What he says and what he does are two different things,” the group said.

The majority noted that Piki had spoken of peace during First Gen Corp.’s annual stockholders’ meeting on May 28, but filed the complaints later the same day.

“This is Piki doublespeak. He talks peace and at the same time attacks. We are keeping our options open,” the group added.

The statement came in response to a new petition for indirect contempt filed by Piki before the Mandaluyong Regional Trial Court.

In the filing, he asked the court to cite several members of the Lopez majority and affiliated entities for allegedly violating a writ of preliminary injunction issued in March.

The petition stemmed from letters sent by members of the majority bloc in May seeking information and raising concerns about First Gen’s multibillion-peso hydropower transaction with Prime Infrastructure Capital Inc.

Piki claimed the letters sought to interfere with, defer or withhold approval and ratification of actions already taken by First Gen’s board and management in relation to the deal.

According to the majority, its members merely sought documents related to the transaction.

The group also pushed back against allegations that their letters exposed them to legal liability, saying they had raised legitimate concerns about the deal.

The majority has previously questioned First Gen’s acquisition of a stake in Prime Infra’s pumped-storage hydropower portfolio, alleging that the transaction contained undisclosed provisions that could expose First Gen and its shareholders to penalties of as much as P24 billion if Piki and his nominees were removed from key positions in the Lopez group.

READ: Lopez majority: Piki agreed to P50-B premium in Prime hydro deal

It also noted that the Philippine Stock Exchange has yet to act on what it described as the delayed disclosure of details related to the transaction.

The new contempt case is separate from an earlier petition filed by Piki against some members of the majority bloc over alleged violations of the same court orders.

In the latest filing, Piki argued that the respondents’ actions regarding the Prime Infra transaction undermined the court’s injunction and could render any future ruling ineffective. INQ