SEC people in Y4 meeting were ‘merely observers’

By: Dolly Yasa

BACOLOD City – The officer-in-charge of the Securities and Exchange (SEC) in Bacolod said their presence in the stockholders meeting of the four Yanson siblings or Yanson 4 was “merely as observers.”

Atty. Annabelle Corral-Respal said in a signed certification said they attended the said meeting as “invitees to observe the December 7, 2019 Stockholders Meeting at Seda Hotel pursuant to the letter request of Roy V. Yanson, Ricardo Yanson Jr., Emily Yanson and Ma. Lourdes Celina Yanson- Lopez.”

Respal said their attendance was in the exercise of the “general supervisory power of the Commission over registered corporations.”

“The attendance of SEC Bacolod Extension Office in the said meeting as observers of a corporation with pending intra-corporate dispute was neither a confirmation of the validity of the meeting nor of the claimed shareholders of the above-named individuals nor an affirmation of the quorum during the meeting but it acted strictly as observers of the proceedings,” the certification letter stated.

Respal said SEC Bacolod Extension Office did not participate in any manner whatsoever in the meeting and did not give any opinion or legal advice.

“As a matter of fact, the undersigned declined when asked to be an administering officer for oathtaking of the four after their election that afternoon,” she added

The only document they signed was the attendance sheet.

Vallacar Transit, operator of Ceres Liner and Tours and Sugbo Transit, is the main subsidiary of the Yanson Group.

On December 7, the camp of youngest sibling Leo Rey Yanson, who occupies the main headquarters in Barangay Mansilingan here, was re-appointed by their bloc as company president.

They also elected matriarch Olivia Yanson, sister Ginnette Yanson-Dumancas, and her husband Charles Dumancas to the board of directors, along with Arvin John Villaruel, Anita Chua, and Daniel Nicolas Golez.

On the other hand, the four Yanson siblings, who claimed to be the majority and biggest shareholders with 61 percent ownership, elected Celina as new president; Roy as vice president for operations; Ricardo Jr. as secretary; and Emily as treasurer and finance officer.

Meanwhile, the camp of Leo Rey asserted that under the company’s by-laws, the annual stockholders’ meeting should be held every first Saturday of December at its principal office.

“Pursuant thereto, the company’s stockholders, led by matriarch Olivia V. Yanson, held its annual stockholders meeting at the company’s principal office at Ceres Compound in Barangay Mansilingan, Bacolod City,” they said in a press statement.

The meeting was presided by Leo Rey as chairman and president, with Olivia as a corporate secretary, who was also re-appointed as treasurer. (With a report from PNA)