Two separate boards of directors were elected in two separate stockholders’ meetings held by rival factions of the Yanson family for Rural Transit (Mindanao) Inc., one of the bus companies under the Yanson-owned conglomerate Vallacar Transit Inc.
The group that calls itself the Yanson Four elected anew Roy Yanson as Chairman of the company during their shareholders meeting last February 10 in Cagayan de Oro City.
Claiming majority or 61.17 percent of the outstanding capital stock of the corporation, shareholders of Rural Transit elected anew siblings Roy, Emily, Ma. Lourdes Celina and Ricardo Yanson as members of the Board of Directors of the company for the year 2021 to 2022.
Also reelected to the board were Jerina Louise Ramos and Matthew Agustine Lopez.
In a separate meeting on the same day, Olivia V. Yanson, Leo Rey V. Yanson, Charles M. Dumancas, Rey C. Ardo, Anita G. Chua, and Daniel Nicolas P. Golez were re-elected as members of RTMI’s Board of Directors by the group called Yanson Two.
The family is currently divided into two groups due to an ownership squabble. One group, consisting of Roy, Emily, Ricardo and Ma. Lourdes Celina Yanson is known as the Yanson Four and they claim to have majority ownership.
The other group, called the Yanson Two is composed of siblings Leo Rey and Ginette, together with their mother, family matriarch Olivia Yanson.
In the Yanson Four meeting, the shareholders likewise ratified all acts and transactions of the Board of Directors and management of the corporation under the leadership of its President Roy Yanson.
In the organizational meeting that followed, the directors elected Roy Yanson as Chairman of the Board of Directors and President, Ma. Lourdes Celina Lopez as Vice-President for Operations, Emily Yanson as Treasurer and CFO, Ricardo Yanson Jr. as Corporate Secretary, Anna Isabella Galvez as Assistant Corporate Secretary and Carlo Joaquin T. Narvasa as Vice-President for Legal.
On the cases facing the company, the new directors of the company vowed in a statement to continue court actions to unravel minority shareholders’ activities and their pretense to act on behalf of the company despite the absence of any legal basis for them to do so.
On the other hand, following the election of the directors by the Yanson Two, the board reappointed Leo Rey V. Yanson as Chairman of the board and President of RTMI, while Olivia V. Yanson was re-appointed as Corporate Secretary and Treasurer.
In a statement, the group said that, “Despite the proper and timely notice given to them, stockholders Roy V. Yanson, Ricardo V. Yanson Jr., Ma. Lourdes Celina Y. Lopez, Ma. Susan F. Yanson, and Juan Manuel Lopez were absent.”
Meanwhile, RTMI Chairman and President Leo Rey V. Yanson assured the public that despite the challenges faced in 2020, the company remains strong and resilient.
It continues to be steadfast in its goal to serve the Filipino people and remains committed to providing the riding public with the most reliable means of public transportation, he said.