After Securities and Exchange Commission (SEC) director and officer-in-charge Romuald C. Padilla earlier determined the general information sheet provided by Roy Yanson, Ricardo Yanson, Jr., Emily Yanson, and Celina Yanson-Lopez—often referred to as the ‘Yanson 4’—was insufficient in proving ownership of Vallacar Transit Inc., operator of the Ceres Bus liner, legal counsel for the siblings, Attys. Sigfrid Fortun and Sheila Sison, are seeking a correction from the government agency.
They contend the decision was “hastily-rendered and inaccurate.”
In a press statement released yesterday, the legal pair cited the 2015 Supreme Court case Insigne vs. Abra Valley, where a general information sheet was considered “sufficient.” They claimed Padilla’s assertion that items such as a stock and transfer book are necessary in proving ownership is “old law,” noting, in Insigne vs. Abra Valley, such documents are “not in any sense a public record and, thus, is not exclusive evidence of the matters and things which ordinarily are or should be written therein.”
Meanwhile, the SEC affirmed they remain neutral in the ongoing dispute./DGB, WDJ