BACOLOD –– The battle for control of the Yanson group of bus companies continues with the camps of matriarch Olivia Yanson and that of her four other children electing separate presidents and board members for Bachelor Express Inc. (BEI) and Mindanao Star Bus Transport Inc. (MSBTI).
However, the camp of Olivia maintained that she continues to have full control of all of the family’s bus businesses.
The camp of Olivia re-appointed Leo Rey Yanson as president of both firms.
On the other hand, her four other children––Roy, Ricardo Jr., Emily and Celina (Yanson 4)––elected separate presidents. They elected Emily Yanson president of BEI and Ricardo Yanson Jr. president of MSBTI.
The Yanson 4, in a press release, said they held their BEI annual shareholders meeting at Seda Centrio in Cagayan de Oro City on Sunday attended by stockholders representing 99.99 percent of the outstanding capital stock of the corporation.
Roy, Emily and Ricardo Jr. were elected by the shareholders as members of the board of directors of the corporation for 2020-2021.
In the organizational meeting that followed, the new directors elected Ricardo Jr. as president, Roy as vice president for operations, Ma. Lourdes Celina Lopez as secretary, Emily as treasurer and chief financial officer, and Jose Ealdama as vice president for legal.
The Yanson 4 also held an MSBTI annual shareholders meeting at Seda Centrio Saturday attended by stockholders representing 61.18 percent of the outstanding capital stock of the corporation.
Roy, Emily, Celina, Ricardo Jr., Jerina Louise Ramos, and Matthew Agustine Lopez were elected members of the MSBTI board of directors for 2020-2021.
In the organizational meeting that followed, the new directors elected Emily as president, Roy as vice president of operations, Ricardo Jr. as vice president of maintenance, Celina as treasurer and chief financial officer, and Ealdama as vice president for legal.
The Yanson 4, in their BEI and MSBTI, meetings rejected all “unauthorized acts” of Leo Rey and asked him and their sister Ginnette Dumancas to submit an accounting of corporate funds, properties, and papers of the company for 2019.
However, a separate press release from Olivia’s camp, said the matriarch was in full control of the Vallacar bus businesses, which include 4,800 buses covering Luzon, Visayas, and Mindanao.
Olivia led the stockholders meeting of BEI at the company’s principal office in Bulua, Cagayan de Oro on Sunday.
Under the company’s by-laws, the annual stockholders’ meeting of BEI should be held every third Sunday of January at its principal office.
The BEI stockholders re-elected Olivia, Leo Rey, Ginnette, Charles Dumancas, Arvin John Villaruel, Rey Ardo, Anita Chua, Daniel Nicolas Golez, Danny Lorenton, Hernan Omecillo, and Alfredo Ligo, Jr. as members of the board of directors.
The elected directors will serve for one year until January 2021, or until their successors shall have been elected and qualified.
Following the election of the directors, the board also held an organizational meeting and re-appointed Leo Rey as BEI president and CEO of the company and Olivia as treasurer and corporate secretary.
The matriarch’s camp also said Leo Rey was reappointed MSBTI president and CEO and Olivia as treasurer and corporate secretary.