CAGAYAN DE ORO CITY, Philippines — One of the subsidiaries of the biggest bus conglomerate in the country has re-elected its chairman and president.
This amid the legal battle involving members of the family that owns the corporation.
Re-elected as the chairman and president of Rural Transit Mindanao Inc. (RTMI) was Leo Rey Yanson.
Yanson figured in controversy when four of his siblings tried to take over the leadership of the Yanson Group of Bus Companies (YGBC) from him last year.
He is the youngest of the six siblings that took the helm the leadership of the YGBC and its seven subsidiaries.
Siding with him during the attempted takeover of the company was the Yanson matriarch Olivia and his sister Ginnette Yanson-Dumancas.
RTMI is the third Mindanao-based, YGBC-owned bus company that conducted its annual stockholders’ meeting at the company’s headquarters in Barangay Bulua, this city.
The other YGBC-controlled bus companies operating in Mindanao – Mindanao Star Bus Transport Inc. and Bachelor Express Inc. – already conducted their respective stockholders’ meeting here recently.
The other bus firms operating in other parts of the country include the Vallacar Transit Inc., Cerest Transport Inc., Southern Star Bus Transport Inc., and Sugbo Transit Inc.
A press statement provided to reporters on Thursday said the yearly RTMI stockholders’ meeting was held late Wednesday (Feb. 12).
In the same statement, Yanson appealed to his four siblings to stand down and abstain from making pronouncements regarding the case both parties are currently facing.
The YGBC president was referring to his siblings Roy, Emily, Ricardo Jr., and Ma. Lourdes Celina Yanson-Lopez, who’s also known as the Yanson 4 or “Y4.”
“Y4 should respect and trust our judicial system and refrain from rendering an opinion on matters that are already sub judice,” Yanson.
The Y4 members also held their own annual stockholders’ meeting in a hotel here on Wednesday, sources said.
Under the by-laws of RTMI, the annual stockholders’ meeting of the company should be held every second Wednesday of February at its principal office in Cagayan de Oro City.
The meeting was presided over by Yanson, with Yanson matriarch Olivia as corporate secretary and treasurer.
Those who attended the stockholders meeting elected the company’s 2020 board of directors, including Yanson, Olivia, Ginnette, Charles M. Dumancas, Anita G. Chua, Rey C. Ardo, and Daniel Nicolas P. Golez.
The stockholders also ratified the acts of the board of directors led by Yanson.
Following the election of the directors, the board held an organizational meeting and re-appointed Yanson as chairman and president of the company and Olivia as treasurer and corporate secretary. (davaotoday.com)