The majority owners of the Lopez family are stepping up their opposition against First Gen Corp.’s leadership, alleging that the power producer is bearing the entire financial burden of the multi-billion-peso renewable energy deal while securing only a minority position. In a statement on Friday,...
The Securities and Exchange Commission (SEC) has formed an ad hoc committee to investigate allegations traded between rival factions of the Lopez family, a dispute that threatens to engulf two of the Philippines’ most high-profile companies, First Gen Corp. and ABS-CBN Corp. ABS-CBN disclosed to...
The majority faction of the Lopez family has accused First Gen Corp. Chairman Federico “Piki” Lopez of “doublespeak” for initiating legal action while simultaneously calling for peace talks. The family bloc noted that on the exact same day Piki Lopez publicly welcomed peace with his...
A few weeks after declaring a ceasefire, the Lopez majority group launched a new bombshell against First Gen Corp. Chairman Federico “Piki” Lopez, alleging that he funded the bulk of Prime Infrastructure Capital’s hydropower project by paying a hefty ₱50-billion premium. In a statement, the...
While the Lopez family has declared a ceasefire to resolve their differences privately, a minority shareholder of First Gen Corp. has stepped into the frontline to demand accountability from the firm’s board of directors. In a May 22 letter addressed to First Gen’s board, minority shareholder...
Federico “Piki” Lopez has welcomed decision by the majority shareholders of Lopez Inc. to abandon efforts to remove him as president and chief executive officer, describing the move as the potential breakthrough in a long-standing family dispute. In a statement on Friday, May 15, Lopez said the...
The majority faction of the Lopez family has escalated its corporate battle for control of their business empire, claiming to have uncovered a third “poison pill” provision designed to entrench First Philippine Holdings Corp. (FPH) Chairman and Chief Executive Officer Federico “Piki” R....
Two independent directors of Lopez Holdings Corp. have resigned from the seven-member board as the bitter leadership struggle within one of the Philippines ' most powerful dynasties threatens to paralyze the conglomerate’s governance. In a disclosure to the Philippine Stock Exchange, Lopez...
First Gen Corp. solidified a ₱23.5 billion “poison pill” provision just one week after the Lopez family board moved to oust the company’s chief executive officer, newly revealed regulatory filings showed. In a disclosure to the Philippine Stock Exchange on Monday, May 4, the power producer...
The Social Security System (SSS) said it remains confident in the stability of First Gen Corp. even as a deepening rift within the Lopez family triggers calls for a leadership change and a government probe into “poison pill” provisions at the country’s largest renewable energy producer....
The controlling faction of the Lopez family is calling for a formal government inquiry into “poison pill” provisions at First Gen Corp., alleging the measures protect the tenure of President and Chief Executive Officer Federico R. Lopez, at the expense of state pension funds and international...
The majority shareholders of the Lopez family have petitioned the Securities and Exchange Commission (PSE) and the Philippine Stock Exchange (PSE) to investigate First Gen Corp. over alleged disclosure violations involving “poison pill” provisions in agreements with Prime Infrastructure...
