Yanson 4 to contest stockholders meeting

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By MARK FRANCISCO, Correspondents
February 12, 2020

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FOUR children of the late public transport tycoon Ricardo Yanson are set to file a lawsuit against the family – and company – matriarch Olivia and her other children Leo Rey and Ginnette Dumancas.

Lawyer Philip Sigfrid Fortun, counsel for Roy, Ricardo Jr., Emily, and Cynthia Yanson-Lopez, said the suit to be filed in a Cagayan de Oro court will contest the holding of a January 19 stockholders meeting of Bachelor Express, Inc. called for by the impending respondents.

It was learned that in 2019, Olivia and her two children have assumed control of Bachelor Express, one of the companies under the Yanson Group of Bus Companies which is currently entangled in a bitter legal feud among the heirs of the late Ricardo Yanson.

Fortun contended that the holding of the stockholders meeting and its results were without basis since the three stockholders – Olivia and Leo Rey Yanson; and Dumancas – only constitute the minority of the stockholders of the company.

Meanwhile, the other children – Roy, Ricardo Jr. and Emily Yanson; and Lopez – constitute the majority of the stockholders, according to the lawyer. All four did not participate in the annual stockholders meeting.

During the meeting, Leo Rey Yanson was reelected chairman and president of Bachelor Express, Inc. while Olivia Yanson was elected as corporate secretary and treasurer.

The day before, Mr. Yanson was also elected as president and chairman of Mindanao Star Bus Transport, Inc., another firm of the Yanson Group which is considered as the biggest public bus transport company in Asia.

Fortun said his clients will file a separate lawsuit in connection with the January 18 stockholders meeting which they also deem as illegal.

The four heirs of Ricardo Yanson Sr. were in Cagayan de Oro City February 12 for the annual stockholders meeting of yet another company owned by the group, Rural Transit of Mindanao, Inc.

Fortun threatened that if the other Yanson faction will call for a separate stockholders meeting, he will file another lawsuit on the matter on behalf of his clients.

The other faction – colloquially known as Yanson 3 – is already facing a lawsuit earlier this year in Bacolod and Batangas in connection with the stockholders meeting they called for Vallacar Transit Corporation, yet another firm owned by the group.


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