ABS-CBN denies audit issues, executive payouts amid Lopez family feud
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The ABS-CBN board of direcrors denied allegations of unresolved audit findings and planned payouts for executives, as a deepening family dispute within Lopez Inc. spills into the courts.
In a statement, ABS-CBN board members disputed claims that surfaced in connection with a boardroom conflict involving the Lopez family, stressing that the network is not a party to the ongoing legal battle
“There are no audit findings. There is nothing to resolve. This claim is unfounded,” the board said, also rejecting allegations that company funds were intended for executive payouts.
It added that no executive payouts are planned or have been made, stressing that the allegation is “equally baseless.”
The clarification came as the dispute within Lopez Inc. escalated into a legal showdown between company president Federico 'Piki' Lopez and his cousins, led by Eugenio 'Gabby' Lopez III.
A Mandaluyong court recently issued a writ of preliminary injunction stopping efforts to remove Piki Lopez from his post, effectively halting a boardroom move to replace him with Lopez Inc. chairman Rafael 'Raffy' Lopez.
The case stemmed from a February 27 board resolution seeking Piki Lopez’s ouster, which he challenged in court. The injunction bars the board from removing him or taking actions that could render a future ruling moot.
The dispute stemmed from a reported proposal to inject P2 billion from Lopez Inc.’s reserve funds into ABS-CBN Broadcasting Corp., which continues to face financial strain following its 2020 shutdown after failing to secure a franchise renewal during the administration of former president Rodrigo Duterte.
Piki Lopez and his brother, Benjamin “Jay” Lopez, reportedly opposed the plan, citing supposed audit concerns and fears that the funds could be diverted to executive compensation instead of supporting the network’s recovery.
ABS-CBN’s board, however, maintained that these claims are false and emphasized that the company should not be drawn into a dispute it is not involved in.
Despite ongoing financial challenges, the board said it remains committed to sustaining the company’s operations and public service.
“The last thing it needs is for its people to be misrepresented in a dispute it is not involved in,” it added.
The statement was issued by ABS-CBN board members Martin Lopez, Carlo Katigbak, Rafael Lopez, Honorio Poblador IV, Emmanuel De Dios, and Randolf David.
