BIZ BUZZ: Yanson family feud: Mom is majority owner
The Yanson family feud over the ownership of one of Southeast Asia’s largest bus companies concluded with the matriarch, Olivia, and two out of six children—Ginnette and Leo Rey—having majority control.
In a decision issued by the Regional Trial Court of Bacolod City Branch 45 last month, the court declared the extrajudicial settlement (EJS) of the estate of patriarch Ricardo Yanson, who died of heart attack in 2015., void.
The couple, who had no prenuptial agreement, built the Yanson Group of Bus Companies (YGBC), which includes Vallacar Transit Inc. and Ceres Transport Inc.
READ: More stockholders’ meetings expected for both rival Yanson family factions
When the father died with no will, Mrs. Yanson and her six living children signed the EJS to settle the estate.
In the settlement, it was agreed by all parties that Mrs. Yanson would waive one-seventh of the shares she inherited from the passing of her husband in favor of her children.
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But she will still keep her conjugal share or 50 percent of YGBC.
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Mrs. Yanson found out belatedly that annexes were attached to the EJS after signing, which made it appear that she gave up all her shares to her children.
The other children who are the defendants of the case—Ricky, Roy, Celina and Emily—have used this document to claim majority ownership of the bus company.
“Mrs. Yanson felt defrauded and prejudiced when she was asked to sign the EJS without informing her that she was deprived of her 50-percent share in the conjugal partnership of gains,” the court decision noted.
Because Mrs. Yanson did not provide her consent to the alleged waiver of shares, the court deemed the EJS null.
It was earlier reported that arrest warrants had been issued against Ricky, Roy, Celina and Emily for carnapping charges.
Will this finally mark the end of the long-running family feud? Abangan! — Tyrone Jasper C. Piad
Bankers join Italpinas
With a partnership with an international hotel brand and the entry of a new investor underway, boutique developer Italpinas Development Corp. (IDC) seems to have been getting aggressive in its expansion plans.
Just last December, IDC announced plans to debut Dusit Thani hotels within its Mindanao developments.
In the same year, businessman Benjamin Tan Co, whose family has several landholdings in the country, injected P187.93 million into IDC.
Both moves were seen as IDC’s response to a booming tourism demand in the country, particularly in beach communities already swelling with foreign tourists.
This time, the developer is welcoming two veteran bankers into its board of directors, “further enhancing the breadth of its leadership team.”
Among them is Alfonso Salcedo, formerly the president and CEO of Security Bank Corp., praised for his “exceptional leadership and strategic vision.”
Salcedo led Security Bank from 2015 to 2019 following his career at Bank of the Philippine Islands, where he was executive vice president.
For Salcedo, IDC’s current expansion plans are attractive enough.
“Italpinas Development Corp. represents an exciting convergence of innovation, sustainability and growth,” he said in a statement on Monday. “I am deeply honored to join the board at such a pivotal moment in the company’s journey.”
At the same time, Melchor Guerrero, whose background revolves around finance and capital markets, was appointed director.
Guerrero’s role as lead underwriter for several listings does not involve the Philippine Stock Exchange alone. According to IDC, Guerrero was also behind listings on Nasdaq, New York Stock Exchange and NSX Australia.
For his part, IDC CEO Romolo Nati said the appointment of Salcedo and Guerrero “reflects [IDC’s] ongoing commitment to strengthening our leadership and ensuring we have the best minds guiding our strategic direction.”
What’s next for IDC? Abangan! —Meg J. Adonis