Spokesperson: The ‘Yanson 4’ are the majority stockholders

With the rival camps of Vallacar Transit Inc., parent company of the Ceres bus liner, earlier conducting separate stockholders’ meetings, resulting in two separate boards of directors, Roy, Ricardo, Jr., and Emily Yanson, along with Celina Yanson-Lopez—often referred to as the ‘Yanson 4’—have filed a new case seeking to invalidate the other meeting, which reelected Leo Rey Yanson as president.
In a statement issued by Atty. Raul Bito-on, spokesperson for the ‘Yanson 4,’ he said, during the December 7 meeting, the meeting held by Leo Rey Yanson did not achieve quorum as the majority shareholders of the company are represented by his clients, who hold a 61.17 percent stake of the company.
He also presented documents from the Securities and Exchange Commission (SEC) in Bacolod City, which disclosed, as of December 6, 2.068 million shares had been duly issued with the ‘Yanson 4’ cumulatively holding a majority.
Bito-on said Leo Ray and Ginette Yanson-Dumangcas called their own meeting based on the claim that shares had not been authorized for acquisition, which he said violated company by-laws for non-compliance with the rights of existing shareholders to buy unissued shares first. In addition, no taxes on such transfers were paid to the Bureau of Internal Revenue nor subject for registration in the company’s books.
Meanwhile, he said the meeting called by the “Yanson 4’ complied with all requirements and voting requirements under RA 11232, or the Revised Corporation Code.
In addition, during their meeting, Roy Yanson invited the SEC-Bacolod director and her staff to attend the meeting as observers. According to the spokesperson, it was “the best way of showing transparency and compliance with company by-laws.”
“The press statements issued by Leo Rey and Ginette the day after the news spread about the SEC’s attendance at [the ‘Yanson 4’] meeting only proves they failed to make sure their meeting was transparent and legitimate,” Bito-on added.
SEC-Bacolod, meanwhile, clarified their role in attending the meeting made it clear they were not favoring nor passing judgement. The agency noted, they were invited and attended as part of their function as regulators./DGB, WDJ