THE new management of Vallacar Transit Inc. (VTI) on Thursday, July 11, explained the reason on the takeover of Roy Yanson of the company’s leadership from their youngest brother Leo Rey.
The new management, in a press statement Thursday, said the violation of company’s rules on illegal withdrawal of funds that in turn affected the welfare of the employees was the reason why a replacement in leadership occurred.
Though, its lawyer Sheila Sison already cited earlier loss of trust and confidence as the reason for the takeover.
The new management said the finding of Celina Yanson-Lopez, the company’s chief financial officer, showed that their former president made several withdrawals amounting to millions of pesos without management approval.
“This unauthorized act of the former VTI president endangered the financial stability of the company as this jeopardized the company s most valued asset -- its employees -- as the cash is allocated for salary payment and benefits of 18,000 employees,” it said.
Quoting Yanson-Lopez, the new management said “what is so unfair is that the removal of Leo Rey Yanson is being blamed for this alleged ongoing estate negotiations of our late father, Ricardo Yanson, the founder of our company.”
This is a separate matter, the statement added.
Yanson-Lopez said “unfortunately, he (Leo Rey) could not reasonably justify why he disbursed the missing funds without prior board approvals, then we needed to take action for the company and for its employees.”
The company’s board of directors decided to change roster of the management and appointed Roy as president and head of operations.
Celina Yanson-Lopez, meanwhile, was designated as treasurer and head of finance and management and information system; Emily Yanson as the corporate secretary and head of administration; Ricardo Yanson Jr. as the vice president for maintenance; and Lawyer Jose Jonathan Ealdama as vice president for legal.
The youngest Yanson in his letter to Yanson-Lopez dated June 28 explained that the Office of the President has the inherent power to allow miscellaneous transactions based on a memorandum co-signed by Yanson-Lopez.
“My action is also in consonance with what has been provided by law since the president practice general supervision and control over corporate day-to-day operations,” Leo Rey, in his letter, said.
“With all due respect, as president, I do not need to specify threat and to explain the proceeds of the miscellaneous expenses withdrawn from our tabulation office, the same containing sensitive information,” he said.
Leo Rey further stated that under his watch, the company has grown to an exponent of 300 percent.