‘Yanson 4’ elects own Mindanao Star Bus board

By Dolly Yasa

BACOLOD City – In another twist in the worsening rift within the Yanson clan, siblings Roy, Celina, Emily, and Ricardo Jr., collectively known as the Yanson 4, held their own stockholders’ meeting of the Mindanao Star Bus Transport Inc., a sister company of Vallacar Transit Inc.

Earlier, Leo Rey Yanson with sister Ginnette and mother Olivia held a board meeting and elected the former as president of Mindanao Star Bus.

On the Yanson 4 side, Ricardo Yanson Jr. was elected president during a recent stockholders’ meeting at the SEDA Centrio Hotel in Cagayan de Oro City.

In a statement issued by Atty. Carlo Joaquin Narvasa, the four rejected “all unauthorized acts” by Leo Rey Yanson.

Also elected to the Davao City-based firm were Roy Yanson as vice president for operations, Yanson-Lopez as secretary, Emily Yanson as treasurer and chief financial officer, and Jose Ealdama as vice president for legal matters.

Emily Yanson was also elected president of Cagayan de Oro City-based bus company Bachelor Express Incorporated, another sister firm of VTI.

In a separate gathering, Leo Rey Yanson was appointed to lead Bachelor Express.

According to the camp of Leo Rey Yanson: “Under the company’s by-laws, the annual stockholders’ meeting of Bachelor Express should be held every third Sunday of January at its principal office. Pursuant to the by-laws, the annual stockholders’ meeting was held at the company’s principal office in Bulua, Cagayan de Oro.”

The Yanson 4 named to the Bachelor Express board Jerina Louise Ramos, and Matthew Agustine Lopez.

On the side of Leo Rey, he and mother Olivia, sister Ginnette Yanson-Dumancas, Charles Dumancas, Arvin John Villaruel, Rey Ardo, Anita Chua, Daniel Nicolas Golez, Danny Lorenton, Hernan Omecillo, and Alfredo Ligo Jr. were appointed to the board.

Following the election of the directors, the board also held an organizational meeting and re-appointed Leo Rey Yanson as president and CEO, and Olivia V. Yanson as treasurer and corporate secretary.

The stockholders also ratified the acts of the board of directors led by Leo Rey Yanson.

Last month, with the rival camps conducting separate stockholders’ meetings, resulting in two separate boards of directors, the Yanson 4 filed a case seeking to invalidate the other meeting, which re-elected Leo Rey Yanson as president.

In a statement, Atty. Raul Bito-on, spokesperson for the Yanson 4, said the meeting held by Leo Rey Yanson did not achieve quorum as the majority shareholders of the company are represented by his clients, who hold a 61.17 percent stake of the company.

He added, Leo Ray Yanson and Yanson-Dumancas called their own meeting based on the claim that shares had not been authorized for acquisition, which violated company by-laws for non-compliance with the rights of existing shareholders to buy unissued shares first.

Meanwhile, he said the meeting called by the Yanson 4 complied with all requirements and voting conditions under RA 11232, or the Revised Corporation Code.