Yanson 4: Yesterday’s board meeting was a ‘sham’
A special Vallacar Transit Inc. (VTI) board meeting was held yesterday, where the company’s Board of Directors was reorganized and Leo Rey Yanson was returned to the post of company president. Aside from the company president, Olivia Yanson, Ginnette Yanson-Dumancas, and Charles Dumancas were among those in attendance; Roy, Ricardo, Jr., and Emily Yanson, along with Celina Yanson-Lopez, commonly referred to as the ‘Yanson 4,’ were not present.
According to VTI legal counsel and spokesperson, Atty. Jun Maxell Orlina, following the reorganization, Charles Dumancas was appointed interim company vice president, Ginnette Dumancas – treasurer, and Olivia Yanson – corporate secretary.
They also passed a resolution calling on the company’s legal team to recommend legal action against Yanson-Lopez over an alleged P380 million in losses reported under her tenure as the company’s chief financial officer.
In response, the ‘Yanson 4’ put out a release calling the board meeting a “sham,” characterizing it as “an antic by a spoiled brat.”
They also pointed out, those gathered, make up 38 percent of the company.
“He, alongside our sister Ginnete, comprise only 38 percent of the company; our mother, Olivia, does not have any position in the company since she does not have any shares in it at all,” they noted. “Leo Rey must be delusional.”
“Only the real owners can change the composition of the board, elect members of management, and pursue policies for the benefit of the company,” the siblings added.
According to the ‘Yanson 4,’ based on a shareholders’ agreement signed in October 2013, they control 62 percent of the company.
“Leo Rey must be admonished for considering [these] serious proceedings like his play thing,” they said. “He must be reminded that he is not a child and ‘under the saya’ of our mother.”
The ‘Yanson 4’ earlier filed a petition for an injunction in order to stop a special board meeting.
According to the petition, they were seeking a 72-hour temporary restraining order on the matter./DGB, WDJ
