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MANILA, Philippines – Shareholders of Vallacar Transit Inc. (VTI), the largest subsidiary of the Yanson Group of Bus Companies, elected Ma. Lourdes Celine Lopez as their chairman and president.
According to a statement issued Monday, the election took place on Saturday during an annual shareholders meeting held at the SEDA Capitol Central Hotel in Bacolod City.
The meeting, which was chaired by Carlo Joaquín Navarasa on behalf of López, “was attended by shareholders representing 61.17% of the corporation’s outstanding capital stock.”
Lopez, his brothers Roy Yanson, Ricardo Yanson Jr., and Emily Yanson – collectively known as the Yanson four – figured in a family dispute over control of VTI, a transportation company that has a fleet of 4,800 buses and employs more than 18,000 throughout the country.
On Saturday, shareholders re-elected the four Yanson brothers as officers of the VTI board for the years 2020 to 2021.
“The shareholders ratified all the acts and transactions of the Board of Directors and the administration of the corporation under the leadership of its President Ma. Lourdes Celine Y. Lopez,” the statement said.
“At the organizational meeting that followed, the directors elected Ma. Lourdes Celine Y. Lopez as president, Roy V. Yanson as vice president of operations, Emily V. Yanson as treasurer and chief financial officer, Ricardo V Yanson Jr. as corporate secretary, Anna Isabella C. Galvez as Deputy Corporate Secretary and Carlo Joaquin T. Navarasa as Vice President of Legal ”, he added.
In September, the Yanson brothers won a legal battle after the Dumaguete City Regional Prosecutor’s Office dismissed a trespassing case brought against them by their mother, Olivia Yanson.
READ: Yanson’s brothers score when the prosecutor affirms the dismissal of the raid case
In May, a trial judge in the city of Bacolod also ordered the arrest of the four Yanson brothers on serious charges of coercion.
READ: Bacolod judge orders arrest of 4 Yanson family members, 5 others
Parent company Yanson Group is one of the largest bus conglomerates in Southeast Asia. It was established in 1968 by the patriarch of the family, Ricardo Yanson Sr.
Currently, VTI has 15 operational bases in the cities of Bacolod, Iloilo, Dumaguete, Cebu, Cagayan De Oro, Butuan, Davao, Pagadian, Dipolog, Bohol and Batangas.
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