BACOLOD CITY—Three of the feuding Yanson siblings expressed hopes of reconciliation with their mother, but remained adamant about giving up their shares in the country’s largest bus firm.
Citing a family constitution drawn up in 2010 when their father, Ricardo Yanson Sr., was still alive, Roy Yanson, Ricky Yanson, and their sister Celina Yanson-Lopez said the shares of stocks of the Yanson Group of Bus Companies were divided equally among them and their three other siblings—Emily, Ginnette and Leo Rey.
Roy said a shareholders agreement was signed by their parents and all six siblings on Oct. 10, 2013, but Leo Rey maintained that the family constitution was not binding,
Roy said the siblings legally own the shares and that he would not return them to their mother, 85-year-old Olivia, adding that she might give them to her two “favorite” children, Ginnette and Leo Rey.
Though she was left without any shares in the bus firm, the Yanson matriarch was given enough property to generously provide for all her needs.
Siblings Roy, Ricky, Celina and Emily, now known as the Yanson 4, ousted Leo Rey as company president in a special board meeting on July 7 and named Roy president in his place.
Leo Rey, who has the support of Olivia and Ginnette, refused to step down, saying the move was illegal as there was no quorum.
But Sheila Sison, lawyer of the Yanson 4, maintained that the meeting was legal because the four Yanson siblings own 62 percent of the corporation’s shares.
Leo Rey’s lawyer, Norman Golez, however, countered that based on the stock and transfer book, Emily does not own any shares, making it impossible for her to be a director. Roy refuted this.
In a special stockholders meeting on Aug. 19, Leo Rey’s camp reelected him as president. The Yanson 4 were not reelected to the board.
Roy, Celina and Ricky, however, want to reconcile with their mother.
“If they are thinking of reconciliation, both camps should stop filing cases left and right against each other,” Celina said.
Olivia Yanson, in a press release, appealed to her children to honor and respect her as their mother and as cofounder of the family business.
“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 you all as a family and not fighting one another,” the Yanson matriarch said.