The group of the Yanson matriarch said it is now in full control over the country’s largest bus company, even as the rival group composed of the four Yanson siblings has yet to attend the meeting of the firm’s various units.
A series of annual stockholders’ meetings were held by the Yanson bus companies Bachelor Express Inc. and Mindanao Star Bus Transport Inc. over the weekend. In the said meetings, the group of matriarch Olivia V. Yanson and son Leo Rey were elected to the company’s board.
“Despite the challenges faced in 2020, the Yanson group of bus companies remains strong and resilient. It continues to be steadfast in its goal to serve the Filipino people. We remain committed to providing the riding public with the most reliable means of public transportation for all,” Leo Rey said. Leo Rey, the youngest among the siblings, is on top of the day-to-day operations of the group.
Bachelor Express, Mindanao Bus Transport and Rural Transit Mindanao Inc. are the three subsidiaries serving the island of Mindanao.
The other subsidiaries are Vallacar Transit Inc., Ceres Transport Inc., Southern Star Bus Transport Inc., and Sugbo Transit Inc.
“The newly appointed board is excited to see how they can continue to push boundaries to provide quality transportation to every Filipino in this great nation despite the challenges of the pandemic,” the company said.
The “Yanson Four,” composed of Roy V. Yanson, Ricardo V. Yanson, Jr., Emily V. Yanson and Ma. Lourdes Celina Yanson-Lopez were absent in the said meetings.
The Yanson Four, the other group who wants to wrest control of the company, face outstanding warrants of arrest for various cases filed by the other camp including alleged carnapping and qualified theft, perjury and falsification of the company’s general information sheet.
On July 7, 2019, the four Yanson siblings held a meeting and unseated Leo Rey as the president of the bus company, with Roy Yanson, the eldest brother, taking over.
Leo Rey, with the support of his mother, Olivia V. Yanson and sister Ginnette Y. Dumancas, refused to step down, which started a family feud between the two groups.
The Yanson Group, operates 4,800 bus units run by 18,000 employees, and has its main office in Bacolod City.
The Securities and Exchange Commission earlier warned the two factions to avoid dishing out misinformation to the public as this have a negative impact not only on the warring factions but also on investors, consumers, and the overall market.