Leo Rey Yanson named president of Cagayan de Oro firm

Despite earlier reports indicating Leo Rey Yanson being elected company president of Mindanao Star Bus Transport Inc., a sister company of Vallacar Transit Inc., operator of the Ceres Bus liner, according to Roy Yanson, Ricardo Yanson, Jr., Emily Yanson, and Celina Yanson-Lopez—often referred to as the ‘Yanson 4’—Ricardo Yanson, Jr. was elected president during a recent stockholders’ meeting at the SEDA Centrio Hotel in Cagayan de Oro City.
In a statement issued by Atty. Carlo Joaquin Narvasa, the four rejected “all unauthorized acts” by Leo Rey Yanson.
Also elected to the Davao City-based firm were Roy Yanson as vice president for operations, Yanson-Lopez—secretary, Emily Yanson—treasurer and chief financial officer, and Jose Ealdama—vice president for legal matters.
Meanwhile, after Emily Yanson was earlier elected president of Cagayan de Oro City-based bus company, Bachelor Express Incorporated, another sister firm, in a separate gathering, Leo Rey Yanson was appointed to lead Bachelor Express.
According to the camp of Leo Rey Yanson: “Under the company’s by-laws, the annual stockholders’ meeting of Bachelor Express should be held every third Sunday of January at its principal office. Pursuant to the by-laws, the annual stockholders meeting was held at the company’s principal office in Bulua, Cagayan de Oro.”
While the ‘Yanson 4,’ Jerina Louise Ramos, and Matthew Agustine Lopez were earlier named to the Board of Directors; the latest conference saw Olivia V. Yanson, Leo Rey Yanson, Ginnette Yanson-Dumancas, Charles Dumancas, Arvin John Villaruel, Rey Ardo, Anita Chua, Daniel Nicolas Golez, Danny Lorenton, Hernan Omecillo, and Alfredo Ligo, Jr. appointed to the board.
Following the election of directors, the board also held an organizational meeting and re-appointed Leo Rey Yanson as president and CEO, and Olivia V. Yanson as treasurer and corporate secretary.
The stockholders also ratified the acts of the board of directors led by Leo Rey Yanson.
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./DGB, WDJ