Olivia V. Yanson, the matriarch of the family that operates the country’s largest bus company, has been appointed by a Bacolod court as the special administrator of the estate left by her late spouse.
As special administrator, Olivia is in charge of the preservation and management of the estate of her late husband Ricardo B. Yanson. The court issued the order in late October.
Spouses Ricardo and Olivia founded the Ceres bus lines with Vallacar Transit Inc. as its flagship company in the late 60s. It started as a lone 14-seater jeepney plying a single route and now is the country’s largest bus liner with more than 800 units.
Olivia, in her capacity as special administrator and conjugal co-owner, then led the annual stockholders meeting of Vallacar Transit at its principal office in Brgy. Mansilingan, Bacolod over the weekend.
Yanson, her son Leo Rey V. Yanson, Ginnette Y. Dumancas, Charles M. Dumancas, Anita G. Chua, Arvin John V. Villaruel and Daniel Nicolas Golez were re-elected as members of board of directors of the company.
“The newly appointed board is excited to see how they can continue to push boundaries to provide quality transportation to every Filipino despite the challenges of the pandemic,” the company said in a statement.
The company said that despite all the turbulence experienced by the management in the past two years, it remains strong and resilient and continues to operate despite the economic effects of the pandemic.
Following the election of the directors, the board held an organizational meeting in which Leo Rey was re-appointed as chairman of the board and president of Vallacar Transit while Olivia was re-appointed as corporate secretary and treasurer.
The company said that despite the proper notice, Olivia’s other children and also stockholders Roy V. Yanson, Ma. Lourdes Celina Yanson-Lopez, Ricardo V. Yanson Jr., Juan Manuel Lopez and Ma. Susan F. Yanson did not attend the meeting.
The company alleged that the siblings were hiding abroad since March 2020 as cases were filed against them by Olivia’s camp.
The Yanson four wrest control over the bus company in 2019 after they unseated their youngest brother Leo Rey from his post as the group’s president, which started a family feud between the two camps. The matriarch camp later was able to regain control of the bus company.