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3 of Yanson siblings want to reconcile with mother

By: - Correspondent / @carlagomezINQ
/ 05:15 PM August 29, 2019

BACOLOD CITY –– Three of the feuding Yanson siblings expressed hope to reconcile with their mother.

But they said they would not give up their shares in the Yanson Group of Bus Companies (YGBC), the largest bus firm in the country.

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The three siblings–Roy, Ricky, and Celina–said the YGBC shares of stocks were divided equally among them and their three other siblings – Emily, Leo Rey, and Ginnette.

This was based on a family constitution drawn up in 2010 when their father, Ricardo Yanson Sr., was still alive.

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No share

Their mother, Olivia, was left without any shares in their bus firms but was given enough property that would provide for her for long years.

Roy said a shareholders agreement was signed by their parents and all six siblings on Oct. 10, 2013.

He said they would not return their shares to their mother because they legally own them and that she might give them to her two “favorite” children—Ginnette and Leo Rey.

Roy, Ricky, Celina, and Emily, now known as the Yanson 4, in a special board meeting on July 7, ousted Leo Rey as president of their bus firms. They then named Roy president in his place.

Reelection

Leo Rey, who has the support of Olivia and Ginnette, on the other hand, refused to step down saying the move was illegal.

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In a special stockholders meeting on August 19, his camp reelected Leo Rey as president and the Yanson 4 were not reelected to the board.

Sheila Sison, lawyer of the Yanson 4, said the special board meeting they held on July 7 was legal because the Yanson 4, who owns 62 percent of their bus firms’ shares, constitute the majority to enable a quorum.

Leo Rey’s lawyer Norman Golez, however, said the Yanson 4 did not have a quorum because based on the stock and transfer book, Emily did not own any shares making it impossible for her to be a director.

Non-binding

He also maintained that the family constitution was not binding and that Olivia is still an owner of the bus firm.

Roy, however, said it was not true that Emily did not have any shares and under the corporate structure, the majority rules.

Roy said he nonetheless wanted to reconcile with his mother.

Amicable settlement

He said he was hoping they could amicably reach a peaceful settlement as a family instead of going through a long legal process that could last up to 40 years.

Celina and Ricky, echoed the position of their brother, on reconciling with their mother.

Emily was not present at the press conference on Tuesday because she was in Thailand.

“If they are thinking of reconciliation, both camps should stop filing cases left and right against each other,” Celina said.

She also maintained that she did not steal a single centavo from the family firm in response to allegations that about P380 million was missing.

“My mom and Leo Rey know that I did not steal a single cent from the company. I think it’s more of harassment to destroy my character and credibility,” she said.

Appeal

Olivia, the 85-year-old matriarch of the YGBC, in a press release appealed to her children to honor and respect her as their mother and co-founder of the bus conglomerate as she has only a few years to live.

“If you go out of your way and spend hours to be with your friends, why cannot you spare just 30 minutes a week and spend it with me? If I call your phones, you would not answer. When I visit you, you would give all reasons not to see me,” she said.

“I think I don’t deserve this after I have sacrificed my life for each one of you. My only wish, in the twilight of my life, is to see all you as a family and not fighting one another,” Olivia said./lzb

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TAGS: amicable settlement, Business, Yanson Group of Bus Companies, Yanson siblings, YGBC
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