MAJOR stockholders of the Rural Transit Mindanao Inc. (RTMI), one of the companies under Yanson Group of Bus Companies, convened for its annual stockholders’ meeting at a hotel in Cagayan de Oro City on Wednesday, February 12.
Shareholders elected four of the Yanson siblings or known as the Y4: Roy Yanson, Emily Yanson, Ma. Lourdes Celina Lopez and Ricardo Yanson Jr., and Jerina Louise Ramos and Matthew Agustine Lopez as members of the Board of Directors for 2021-2022.
The meeting was presided by Roy Yanson who was later elected by the board as president.
Ma. Lourdes Celina Lopez was elected as vice president for Operations; Emily Yanson as treasurer and chief financial officer; Ricardo Yanson Jr. as corporate secretary, Anna Isabella Galvez as assistant corporate secretary and Jose Jonathan Ealdama as vice-president for Legal.
The meeting was attended by majority of its stockholders representing 61.17 percent of the outstanding capital stock.
In a statement, the shareholders of RTMI “disowned all unauthorized acts of Leo Rey Yanson, and adopted a resolution asking that former members of its board of directors, Leo Rey Yanson and Ginnette Dumancas, submit an accounting of corporate funds, properties, and papers of the company for the year just passed.”
The legal counsel of Y4 told local reporters that lawsuits will likely be filed against the group of Leo Rey Yanson for convoking a supposed stockholders’ meeting in Cagayan de Oro last month.
The cases will be filed in the city before the month ends.
The group leaves it to the court to decide as to who are rightful leaders of the biggest bus company in the country.
The squabble at Yanson family-owned Vallacar Transit Inc. (VTI), one of the country’s largest bus fleets operators, started when a cashier at the company’s purchasing office in Manila was found out to have illegally disbursed a number of checks amounting to least P27 million to suspicious beneficiaries.
This is according to Ricardo Yanson Jr. and Celina Yanson-Lopez, two of the four siblings (along with Roy and Emily Yanson) who are now battling two other siblings (Leo Rey and Ginette Yanson-Dumancas) and their 85-year-old mother, Olivia Yanson, for control of VTI.