Bus magnates The Yanson family of Bacolod City owns a group bus lines that serve several routes in Negros Occidental.

The Bacolod Extension Office of the Securities and Exchange Commission (SEC) has clarified it does not support the alleged shareholders meeting of the so-called Yanson Four siblings on 7 December held separately from that by the legitimate management of Vallacar Transit Inc. (VTI) led by co-founder and matriarch Olivia Yanson earlier in the morning on the same day.

In a certification letter issued on 12 December, SEC-Bacolod officer-in-charge Annabelle Corral-Respall said she and other representatives of SEC Bacolod Extension Office attended the Yanson 4 meeting as mere invitees and observers, as requested by Roy V. Yanson, Ma. Lourdes Celina Y. Lopez, Ricardo V. Yanson Jr. and Emily V. Yanson who are collectively known as the Yanson Four.

“The attendance of SEC Bacolod Extension Office to the said meeting as observers of a corporation with pending intra-corporate dispute was neither a confirmation of the validity of the meeting, nor of the claimed shareholdings of the abovenamed individuals, nor the affirmation of a quorum during the meeting, but it acted strictly as observers of the proceedings,” she said.

Corral-Respall said the SEC Bacolod Extension Office did not participate in any manner at the meeting and did not give any opinion or legal advice. “As a matter of fact, the undersigned (Corral-Respall) declined when asked to be an administering officer for the oath-taking of Roy V. Yanson, Ricardo V. Yanson Jr. Ms. Emily V. Yanson and Ms. Ma. Lourdes Celina V. Yanson-Lopez after their election that afternoon,” she said.

She said the SEC Bacolod Extension Office’s representatives signed only one document during the meeting which was an attendance sheet.

Madrid Danao & Associates, representing VTI’s legitimate stockholders, said the certification proves the “SEC is in no way supporting the bogus stockholders meeting of the Yanson 4.”

“That alleged bogus meeting took place on 7 December in SEDA Hotel Bacolod to confuse people that they are the legitimate owners/management of VTI,” Madrid Danao and Associates said.

The law firm said it represents VTI and controlling stockholders, directors and officers led by co-founder and Yanson matriarch Olivia V. Yanson, Leo Rey V. Yanson, Ginnette Y. Dumancas, Charles M. Dumancas, Anita G. Chua, Arvin John V. Villaruel and Daniel Nicolas P. Golez who were elected at the company’s principal office in Bacolod City.

Under the company’s by-laws, the annual stockholders’ meeting should be held every first Saturday of December at its principal office in Bacolod City.

Madrid Danao and Associates said the certification from SEC Bacolod Extension Office “boosts the message that the group of Olivia V. Yanson and Leo Rey V. Yanson is the rightful and lawful owners of the company as they are in actual possession of company assets and are in charge of operations.”