MANILA, Philippines — Leo Rey Yanson and his mother Olivia – the other faction in the Yanson Bus Company feud – have insisted they are the ones in charge of two bus firms under the country’s largest bus enterprise.
Leo Rey, in a statement Wednesday, disputed claims that his siblings, dubbed as the Yanson 4, are currently in control of Mindanao Star Bus Transport Inc. and Bachelor Express Inc.
According to Leo Rey, based on the annual stockholders meeting of the two bus firms, he was reelected to Mindanao Star’s Board of Directors before being elected as chairperson and president of the company. On the other hand, Yanson family matriarch and company co-founder, Olivia, has kept her post as corporate secretary and treasurer.
Both of them, Leo Rey said, were also elected to the board of Bachelor Express, occupying the same positions they supposedly hold at Mindanao Star.
Leo Rey issued his clarification after the Yanson 4 – Roy, Emily, Ricardo Jr., and Ma. Lourdes Celina – released a statement saying they were elected to the Board of Directors of both Mindanao Star and Bachelor Express and subsequently appointed to various corporate positions.
In their statement, the Yanson 4 claimed that during separate meetings, stockholders representing 99.99 percent of the Mindanao Star’s outstanding capital stock were present and so were stockholders representing 61.18 percent of Bachelor Express’ capital stock. The meeting was purportedly held over the weekend.
READ: Yanson siblings claim reelection as corporate officials of 2 bus firms
The Yanson Group of Bus Companies is believed to be the largest bus firm in the country, operating mostly in Visayas and Mindanao with a fleet of more than 4,000 buses and with over 18,000 employees.
But according to Leo Rey, “other stockholders” that includes the Yanson 4 did not show up to the two meetings they also held over the weekend despite being properly notified.
To recall, the Yanson 4 booted Leo Rey out of the family company in a boardroom coup sometime in 2019.
Subsequently, their mother, Olivia, released a statement that year explaining that the company was handed over by her husband, Ricardo Yanson Sr., who was also co-founder of the bus firm, to Leo Rey.
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“Despite the challenges we faced in 2020, the company remains strong and resilient,” Leo Rey said. “Even with the pandemic, we remain steadfast in our goal to serve the Filipino people as we are committed to providing the riding public with the most reliable means of public transportation.”
“The past few months have been encouraging. As soon as lockdowns were lifted, we had to be ready to serve the riding public,” he added.