Is VTI bankrupt or being bankrupted? – 7

By Modesto P. Sao-noy

 

In last week’s article, I cited a post in the social media where employees claim that the management of Vallacar Transit Inc. under Leo Rey Yanson is taking portions of the workers’ allowances and collecting the cash advances at the time of great need supposedly because of the company’s dismal financial condition.

An employee said this supposed financial difficulty is merely dramatization, thus can be considered a charade, a pretence, the zarzuela dance of frequent changing of partners to create an illusion and an Indonesian shadow play where the movements of the figures are manipulated by unseen hands.

Is the public revelation, presented in a subtle manner a manipulation for a grand plan, say of a cover-up of bleeding the company dry? Are all these protestations of financial crisis a diversionary tactic?

Let’s strip these threads of the camouflage to eventually expose the sinister plan that now I believe is to bankrupt VTI and, to repeat what I said last week, leave the carcass once the Y4 legally take control of the company.

A January 19 post from the Sleeping Truth that comes out with exposés of inside information said that “specific reasons were not written nor explained in that memo instead through word of mouth probably coming from managers (that) there was a supposed plea from LRY and OVY that the company needs to be “saved” as existing “debts” need to be paid to Yutong and KingLong (bus maker companies).”

Regardless of what the memo is all about, three things are apparent. One is that the memo did not tell its purpose which indicates that its objectives cannot stand the light of day. Why hide something unless it is illegal or can arouse immediate negative responses from the workers, the public or government agencies?

Secondly, the contents of the memo were disseminated verbally. This allows denial on the part of the management. There will therefore be a washing of responsibility and accountability. This is cowardice that hides an odious truth. Is this the reason that there is a claim that Leo Rey scolded “Doc” Olmecillo for wanting him to “sign” when his sister Ginnette was there? Is the content of that document incriminating that Leo Rey would rather that Ginettee with whom it is said he has no love lost to carry the full burden of responsibility? One subverting the other.

Third, what is this need to “save” the company from existing “debts” to Chinese bus maker companies? When were these debts incurred? And why should VTI have to buy new buses?

I don’t think that VTI was buying new buses during the time of Ricardo B. Yanson or after 2015 when he passed away. VTI was assembling its own buses and even if the company bought new buses after his demise, VTI was generating millions daily until the pandemic. It had plenty of money that it could afford to purchase in cash. Why buy on credit? I will discuss this tomorrow.

Meantime, the Sleeping Truth also reported that word is circulating that Mindanao operations need to be “subsidized”. I cited last week the claim from Mindanao that in truth it is Mindanao that sends money to Bacolod; so how come Mindanao needed to be subsidized?

These are clever operations clearly intended to justify the “need” for money, but the employees see the lie. The article proceeded to say that “as expected this management decision does not sink well with the affected majority. It was bad enough not to have received help nor proper assistance during the peak of this pandemic and now the drivers and conductors have to carry the responsibility of helping the company pay off debts by way of allowance deduction on their part.”

Of course! Who is the employee in his right mind would agree, not only because they are suffering from deprivations of the pandemic, but they know that the three Yansons – Olivia, Ginnette and Leo Rey are no pauper? Moreover, why should they pay for the indebtedness of a company that is not theirs? And when the buses are fully paid, will the drivers and conductors be reimbursed or given ownerships share of the buses? Or in a new bus company, maybe?