NEGROS Grace Pharmacy (NGP) founder Corazon Lo felt very sad when she learned about the apparent disposal of their family's valued business, the chain of drug stores that she and her husband Manuel Lo put up 48 years ago.
She said they gave all their time, effort and resources to make the business grow bigger with more than 70 branches in Bacolod City, in the province of Negros Occidental and Panay Island.
In an interview, the Lo matriarch felt an indescribable bitterness with what her sons, Ian and Theodore, and others did to her.
She said she only learned about NGP’s disposal from the news which was confirmed by lawyer Asia Canieso, counsel of Ian.
It was on December 7, 2018 that Ayala Health Care Holdings Inc. signed a Share Purchase Agreement with Jasminum for a controlling stake in Negros Grace.
Lo claimed it was the grand scheme of her sons Ian, Theodore, and Sheila to deprive her of the income, dividends and benefits and that should have accrued to her during her lifetime.
She did not want to sell NGP.
“If only my sons approached me well about their plans, it could have changed my mind. I am a flexible person. If it is time to dispose NGP, why is it that they never told me? We could have discussed it properly. As a mother to Ian and Theodore, I am really in deep pain. I never thought they will do this to me. If their father Manuel was still alive, this will not happen. We poured our time on this business. We have struggled for this to grow big. We faced so many challenges and criticisms,” she said.
She further said that two days after she celebrated her 80th birthday, she confirmed everything from her son’s lawyer.
That information shocked, hurt, and saddened her and it brought her to tears as she does not want the corporations that she founded and worked hard for will be sold.
“I would rather die in this world than have children who disrespect me. The most important thing in this incident is that, I just want respect from them,” she said.
But as a mother, she can forgive as what God did to all of us. She even wants this matter to be settled amicably.
However, she also wants to seek the appreciation of the court on her grievance where she filed a case before the Regional Trial Court against her son Ian Manuel, Ma. Paz Lo, son Theodore Manuel, and Sheila Lo, Negros Grace Pharmacy Inc., Solomon Drug Corp., Samuel Drug Corp., Steveston Drug Corp., Corporate Secretary of Negros Grace Pharmacy Inc., and Ayala Health Care Holdings Inc.
She sought the nullity of deeds of assignment, deeds of sale, agreement, cancellation of stocks certificates, injunction and damages with application for temporary restraining order/writ of preliminary injunction.
She prayed that a TRO/writ of preliminary injunction will be issued, enjoining the defendants from closing or consummating the sale of the stocks under the Share Purchase Agreement.
For his part, Ian said on Sunday, February 10, that he was already advised by his lawyer not to issue any statement regarding the case filed by his mother.
But his lawyer earlier stated that the claims of his client’s mother that she still owns a share of NGP are inaccurate as she has already divested her shares in NGP.
SunStar also reached out to Theodore Lo, but he was not able to respond as of press time on Sunday. (CNC)