BIRTHDAY. Olivia Yanson (seated), matriarch of the family that owns the biggest bus company in the country, weeps as her grandchildren sang the songs “Wind Beneath My Wings” and “If We Hold on Together” to her as then President Rodrigo Duterte (right) looked on during her 86th birthday celebration at L’Fisher Hotel in 2020. File photo by Mhel Sillador, Contributor
BACOLOD CITY — Four children of billionaire businesswoman Olivia V. Yanson (OVY) remain the majority shareholders of the Vallacar Transit Inc. (VTI).
A trial judge here has dismissed the civil case filed by OVY against her four children for the annulment of the extrajudicial settlement (EJS) of the estate of her late husband, Dr. Ricardo B. Yanson Sr., founder of the Yanson Group of Bus Companies (YGBC).
Judge Maria Lina Gonzaga of the Regional Trial Court Branch 42, in her order dated October 2, said that “the complaint is, as it should be, ordered dismissed without prejudice.”
OVY lodged the civil case for the annulment of the EJS against her four children – Roy, Emily, Celina and Ricardo Jr. also known as the Yanson Four, who in a press statement on Sunday, Dec. 3, called the court’s ruling “a big victory.”
The dismissal of the case means that she and their faction, which includes their siblings Leo Rey Yanson and Ginnette Y. Dumancas had failed to invalidate the EJS Deeds.
Consequently, the Yanson Four remain the majority of the Yanson bus corporations, particularly, VTI, with ownership of 61.17 percent of the latter’s shares.
With this new development, it becomes clear that all cases filed against the Yanson Four, including those brought in the name of VTI against the four siblings like qualified theft of company properties and carnapping of company vehicles filed by persons authorized by Olivia, Leo Rey, and Ginnette in their meetings, have no legal basis, the press statement said.
Dr. Ricardo B. Yanson Sr., the founder of the YGBC, died without leaving a will on Oct. 25, 2015.
Subsequently, his compulsory heirs OVY and their six children, executed an EJS of his estate on Dec. 16, 2015, which was amended on Dec. 20, 2017, to include all existing properties not found in the first EJS in order to partition and distribute Ricardo’s entire estate among themselves.
On Oct. 10, 2013, they all agreed to a seamless transfer of all shares in the bus companies to be divided equally among the six Yanson siblings, the Yanson Four said.
Ricardo’s estate consisted of several shares in the various family corporations, real properties, bank deposits and vehicles.
“All real estate properties, bank deposits and vehicles went to OVY while all the shares in the family corporations, which were to be divided equally among the six children, went to the six siblings in a mutually reciprocal exchange of rights,” the four Yanson siblings said.
“In short, OVY relinquished all her shares in the YGBC in favor of her six children wherein the Yanson 4’s combined ownership of shares in the YGBC, that of Roy, Emily, Celina and Ricky, soared to 61.17 percent thereby making them the majority shareholders,” they added.
READ: DOJ dismisses complaints filed by Yanson Four vs mom, others
Realizing, however, that her favored children Ginnette and Leo Rey became minority shareholders under the EJS, OVY petitioned the court on October 9, 2018 to nullify the extrajudicial partition and distribution, and recover her shares in the YGBC.
The Yanson Four vehemently opposed this petition as OVY was of sound mind when she freely and voluntarily relinquished her shares neither was she under duress or coerced so to do.
Due to some management and trust issues and asserting their being majority, the Yanson 4 replaced Leo Rey as president of the YGBC on July 7, 2019.
The delay in the trial of the case was primarily due to the filing of amendments of the complaint and several motions by the lawyers of OVY.
On Oct. 2, 2023, the court dismissed OVY’s petition noting the latter’s and her lawyers’ proclivity to trifle with court processes.