BACOLOD City – The Securities and Exchange Commission (SEC) – Bacolod Extension Office denied it is taking sides in the ongoing management dispute among two factions of the Yanson family that owns and operates Vallacar Transit, Inc. (VTI), the country’s biggest bus company.
On Dec. 7 SEC representatives were seen at the stockholders’ meeting of a faction of the Yansons, the so-called Yanson 4 or Y4 composed of siblings Roy, Ricardo Jr., Emily, and Ma. Lourdes Celina Yanson-Lopez, at Seda Hotel.
That same day, the other faction also held a stockholders’ meeting — at the Ceres bus compound in Barangay Mansilingan. This faction was composed of VTI founder Olivia Yanson and her two other children Leo Rey Yanson and Ginnette Yanson-Dumancas.
A document obtained by this paper and signed by Atty. Annabelle Corral-Respall, the officer-in-charge of SEC-Bacolod, stressed that SEC-Bacolod was merely invited to observe the Y4 meeting.
The attendance of SEC-Bacolod representatives in the meeting “was neither a confirmation of the validity of the meeting, nor of the claimed shareholdings of the Y4, nor the affirmation of a quorum during the meeting,” the document stressed.
SEC-Bacolod people “acted strictly as observers of the proceedings,” it added, and that they did not participate in any manner whatsoever, and did not give any opinion or legal advice.
The VTI management dispute as to who should be leading the company has been dragging for several months now./PN