Emily Yanson was recently elected president of Cagayan de Oro City-based bus company, Bachelor Express Incorporated, a sister company of Vallacar Transit Incorporated, which operates the Ceres bus liner. The vote was determined by the newly-elected company official, Roy Yanson, Ricardo Yanson, Jr., and Celina Yanson-Lopez—often referred to as the ‘Yanson 4.’
In a statement by Atty. Carlo Joaquin Narvasa, the annual Bachelor Express shareholders meeting was held last Sunday at the SEDA Centrio Hotel in Cagayan de Oro City. Roy Yanson presided over the meeting, which also resulted in the ‘Yanson 4,’ Jerina Louise Ramos, and Matthew Agustine Lopez being named to the Board of Directors.
During the meeting, shareholders resolved to ratify all acts and transactions by the Board of Directors and acknowledged management of the corporation under Roy Yanson.
In addition, shareholders also rejected all unauthorized acts by the camp of Leo Rey Yanson and asked him, along with their sibling Ginnette Yanson-Dumancas, to submit an accounting of corporate funds, properties, and papers pertaining to the company for 2019.
Over the weekend, Leo Rey Yanson was voted as company president of another VTI sister company, Mindanao Star Bus Transport Incorporated. Meanwhile, Yanson-Dumancas, Charles M. Dumancas, Arvin John Villaruel, and Rey C. Ardo were named to the Board of Directors.
Last month, with the rival camps of Vallacar Transit earlier conducting separate stockholders’ meetings, resulting in two separate boards of directors, the ‘Yanson 4’ filed a 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 added, Leo Ray Yanson and Yanson-Dumancas 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.
Meanwhile, he said the meeting called by the ‘Yanson 4’ complied with all requirements and voting conditions under RA 11232, or the Revised Corporation Code./WDJ