BACOLOD CITY: The fight for control continued, as the long rumored plan to sell Vallacar Transit Inc. (VTI) resurfaced following Emily Yanson, corporate secretary of the Yanson Group of Bus Companies (YGBC), claimed on Monday that their youngest brother Leo Rey Yanson was hell-bent on selling the bus company to the highest bidder.
A subsidiary of YGBC, VTI is the operator of the Ceres Bus Liner.
The firm is currently embroiled in a protracted feud between two factions with Leo Rey, his mother Olivia and sister Ginette Dumancas on one side, and Leo Rey’s siblings Roy, Emily, Celina Lopez and Ricardo Jr. on the other side.
Leo Rey on Friday regained control of the Ceres South Terminal and the VTI head office that was earlier taken over by Roy’s group.
In a press statement sent to local media, Emily said Leo Rey wanted to sell the company, which “explains the use of brute force to occupy all terminals and even corporate headquarters in Mansilingan compound in Bacolod City.”
She said the camp of Leo Rey wanted nothing more than to secure for themselves corporate documents that they would use to sell their father’s company.
Emily issued the statement in reaction to Leo Rey’s claims that his four siblings ransacked VTI’s corporate offices leading to the disappearance of important corporate documents.
On Saturday, Leo Rey’s lawyer Norman Golez said about 3,000 official receipts and certificates of registration for VTI bus units, and 800 land titles are unaccounted for.
“Why would we ransack our own offices and steal those documents which Leo Rey claims to be missing? We were occupying the offices for weeks now, and during this whole time, Leo Rey was even there, freely checking and spending his time leisurely as our director?” she also said.
“While we want nothing more than to preserve this company, Leo Rey is subverting a company which he co-owns as a director for his own personal interests,” she added.
Emily said she and her two other siblings decided to leave the VTI compound to protect the lives of their employees after receiving reports that “certain quarters were planning to inflict them physical harm and pin the violence on them or innocent employees inside the compound. “
“Yes, we left our corporate offices but it does not mean that we have given up the fight to continue the legacy of our father. They claimed victory, but for what? They may have occupied some of our offices and terminals but command and management of the company still rests on us, majority board members and the real owners of VTI,” she said.
YGBC Chief Finance Officer Celina Yanson-Lopez said management control was not determined by physical invasion of one’s offices, but by corporate shares of stock.
“We remain the majority owners of the company. We have 55 percent of this company. The only reason why we left our offices last Friday is the fact that we were exhausted already and we want to go back to our respective homes,” Celina said.
“But, don’t underestimate our will and determination to see to it that this legacy which our father had left us is protected and in able hands. We are still holding the fort,” she added.
In a separate statement issued on Monday, Roy Yanson’s group condemned the Philippine National Police (PNP) for aiding their brother Leo Rey.
“We strongly condemn the recent illegal actions of the Philippine National Police Provincial Regional Office 6, Regional Security Unit, and PNP-CIDU 6 for using brute force against civilians inside our Ceres South bus terminal and our Mansilingan corporate compound both in Bacolod City,” the statement said.