By: Dolly Yasa
BACOLOD City – The Yanson clan war is far from over as two factions of the family that owns and controls the biggest bus company in the country held separate stockholders’ meetings on Dec 7, 2019.
The group of Vallacar Transit Inc. (VTI) president Leo Rey Yanson, his mother Olivia and sister Ginette held the meeting at the company’s headquarters in Mansilingan here.
On the other hand, the Yanson 4 composed of the eldest of the Yanson brood, Roy and Emily, Celina, and Ricardo Jr. held their stockholders’ meetings at the Seda Hotel here.
In a press statement, Leo Rey’s group said the stockholders of VTI, the country’s largest bus transport company, elected the new set of directors who subsequently re-appointed Leo Rey Yanson as president.
The press statement also said that “under the Company’s By-Laws, the Annual Stockholders’ Meeting of the company 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, Brgy. Mansilingan, Bacolod City. The stockholders elected matriarch Olivia V. Yanson, Leo Rey Yanson, Ginnette Y. Dumancas, Charles M. Dumancas, Arvin John Villaruel, Anita G. Chua and Daniel Nicolas Golez as members of the board of directors.”
The elected directors shall serve for one year until December 2020, or until their successors shall have been duly elected and qualified.
Following the election of the directors, the board held an organizational meeting and re-appointed Leo Rey Yanson as the president of the company and Olivia V. Yanson as treasurer and corporate secretary.
The Yanson 4 faction also issued a press statement saying that the “Annual Stockholders meeting of the Vallacar Transit Inc. was conducted Saturday and presided by Roy Yanson as chairman.”
The statement said that representatives from the Securities and Exchange Commission (SEC)-Bacolod Extension Office were in attendance to witness the proceedings.
The statement further said that “with shareholders representing over 61 percent of its shares in attendance, directors constituting the majority were elected and resolutions were adopted covering the company’s operations for the current year.”
“All suits filed against the majority directors by persons pretending to do so in behalf of the corporation were also directed to be dismissed or withdrawn.”
“Persons who had taken over management of the bus company without any court order in August 2019 were then ordered to account for its funds, assets and papers.”
The press statement also said that in the organizational meeting that followed, the new directors now constituting the company’s board for 2019-2020 elected Ma. Lourdes Celina Yanson as President, Roy Yanson as Vice President for Operations, Ricardo Yanson as Corporate Secretary, Emily Yanson as Treasurer/CFO, and Jose Jonathan Ealdama as Vice-President for Legal.
They took their oath of office before a notary public immediately after the meeting.
VTI is the largest subsidiary of the Yanson Group of Bus Companies and the company behind Ceres Liner and Sugbo Transit.
It has 15 bases of operations in the cities of Bacolod, Iloilo, Dumaguete, Cebu, Cagayan De Oro, Butuan, Davao, Pagadian, Dipolog, Bohol and Batangas.
