RICKY YANSON Jr., the namesake of Vallacar Transit Inc (VTI) founder Ricardo Sr., appealed on Sept 1, 2019 to his mother Olivia to honor her commitment to his sibling, Emily Yanson, that she be allowed to operate Ceres Mart in VTI bus terminals “for the sake of the Ceres Mart employees whose fate is now in jeopardy.”
Olivia, the clan matriarch, recently ordered Emily and her employees out of Ceres Marts inside VTI bus terminals after claiming that these retail spaces are owned by Vallacar Transit Inc. and being the alleged “co-founder and owner” of the bus company, she has the right to decide who to allow to peddle goods there.
Ricky says he plans to visit her mother and raise this issue before her for the sake of his sibling Emily who is burdened by this sudden development.
“Emily was deeply hurt by my mother’s actions. As a sign of respect, Emily relented to our mother’s demands despite knowing that her mother does not have a legal right to do so since she does not have any shares in the company.”
“Right now, Emily is seriously concerned about how to take care of the displaced 200 workers due to the precipitate and unilateral decision of OVY”, says Ricky.
Ceres Mart is a business entity owned by Emily. Emily was allowed in a Yanson family meeting minuted in April 2017 to use these retail spaces rent free for her confectionary and pasalubong business until 2022. Most of her retail outlets are located inside VTI terminals.
At the height of the Yanson intracorporate fight, Olivia sent letters to Emily asking her to vacate the premises using her status as clan matriarch as basis for the demand. She also directed terminal guards to enforce her demand.
A check with the Securities and Exchange Commission (SEC) revealed that Olivia Yanson does not have any shares of stock in VTI and even with any of the Yanson Group of Bus Companies. Hence, says Ricky Yanson junior, she does not have any voting right or interests with the company which she claims to co-own.
News reports recently quoted Olivia asking the Yanson 4 to respect her and give her three voting rights despite the fact that she does not own any shareholdings in Vallacar.
In a Shareholder’s Agreenent, OVY reportedly signed and assigned her rights and shares to her children in 2013 during the time her husband, Ricardo, was still alive. Ricardo died in 2015 and her shares were passed on to her children in accordance with that Agreement.
