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Manila Bulletin devider Business devider The Stock Market devider ABS-CBN urges Piki Lopez to keep media firm out of family feud

ABS-CBN urges Piki Lopez to keep media firm out of family feud

Published May 8, 2026 05:41 pm
Federico “Piki” R. Lopez
Federico “Piki” R. Lopez
ABS-CBN Corp. asked to be excluded from an escalating legal battle within its controlling family, following allegations by board director Federico “Piki” R. Lopez that the media company’s top executives dissipated corporate funds.
ABS-CBN issued a statement on Friday, May 8, urging the public and the Lopez family to keep the company out of a private dispute.
“Huwag na po sanang idamay ang ABS-CBN sa isang away na hindi naman amin (Please to not involve ABS-CBN in a fight that is not ours),” the company said in a statement.
The company noted that the majority of the Lopez family, currently allied against Piki, has already clarified that their internal disagreements do not involve the media firm’s operations.
The pushback comes after Piki filed a verified complaint with the Securities and Exchange Commission (SEC) on May 6, 2026. Through his attorney-in-fact, Gonzalo Ocampo, Piki requested that the regulator appoint an independent management committee to oversee the company and investigate management for alleged violations of securities laws.
The Piki’s complaint targets ABS-CBN Chairman Martin “Mark” Lopez, President Carlo L. Katigbak, and Group Chief Financial Officer Ricardo B. Tan.
Piki accused the leadership of squandering tens of billions of pesos in resources, claiming a pattern of disbursements that unduly favored certain officers and siphoned cash through unnecessary expenses. The complaint further alleged that these actions occurred even before the company lost its broadcast franchise in 2020, leading to significant losses that prejudiced minority shareholders and creditors.
ABS-CBN defended its leadership, noting that the board of directors has consistently commended the management team for its efforts to keep the company afloat amid financial headwinds.
The company pointed out that Piki, as a sitting director, had previously raised no recorded objections to these commendations.
“Instead of publicly calling out certain employees, and as a Director of the Company, Piki should just engage the Board in constructive discussion,” the company said. It added that the public accusations are “painful distractions” that divert resources away from the firm’s recovery efforts.
The legal filing seeks a comprehensive forensic audit of related-party transactions and financial reports to preserve the company’s remaining enterprise value. Federico’s camp argues that an independent body is necessary to protect the firm from what it described as fraudulent or grossly negligent expenditures.
The internal rift is a rare public fracturing of the Lopez family, which has controlled the media giant for decades. ABS-CBN’s management maintained that its workforce remains focused on returning to a solid financial footing despite the ongoing legal challenge. (James A. Loyola)

Related Tags

ABS-CBN Corporation Federico Lopez Securities and Exchange Commission Martin Lopez Carlo L. Katigbak Ricardo B. Tan
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