The Lopez family feud intensified over the Easter weekend, as Federico “Piki” Lopez-led First Gen Corp. issued a statement on Sunday addressing allegations raised by three majority family factions on 31 March.

In its statement, First Gen said it could not disclose advance details of it recent hydro and gas asset P125-billion transaction to select parties, citing strict compliance with disclosure rules and the need to avoid “premature and selective” release of material information.

“First Gen, as a publicly listed company, observes with fidelity the rights of all stockholders to equal access to material information by avoiding its premature and selective disclosure, as mandated by law."

The dispute stems partly from First Gen’s recent transactions with a major local energy player, including the P50-billion sale of a 60-percent stake in its natural gas business last November and a planned P75-billion investment in Prime Infra’s hydro assets.

First Gen said both transactions underwent full board review and were unanimously approved, including by directors representing different family factions.

“First Gen would like to emphasize that it enters into contracts and agreements only after conducting transparent and rigorous evaluations, and only upon thorough review and approval by its Board of Directors,” the company added.

The statement comes in response to allegations made on 31 March by three Lopez family factions, which collectively hold a 71-percent majority stake in parent firm Lopez Inc. The group claimed that “billions of pesos” worth of transactions — including the P125-billion Prime Infra deals — were carried out without prior board approval, adding that some directors only learned of the transactions through media reports.

The same factions also asserted that Federico “Piki” Lopez had been removed as president and chief executive of Lopez Inc. “for cause and for loss of trust and confidence,” following disagreements with former ABS-CBN chairman Eugenio “Gabby” Lopez III and allied family members, particularly over financial support for ABS-CBN Corp.

Piki Lopez has challenged his removal in court, reportedly securing a writ of preliminary injunction from the Mandaluyong Regional Trial Court on 26 March, blocking his ouster. The majority factions claimed the legal move was filed “in retaliation for refusing to authorize a P2 billion capital infusion into ABS-CBN Corp.,” which has faced financial challenges since losing its franchise in 2020.

Reports have also linked the proceeds from First Gen’s P125-billion transactions with Prime Infra to potential funding for ABS-CBN. Gabby Lopez had reportedly pushed to allocate P2 billion of the proceeds to the media company, but the proposal was rejected by Piki Lopez, who cited concerns over its long-term profitability.

Despite the dispute, First Gen reaffirmed its support for the younger Lopez’s leadership, highlighting the company’s “consistent and growing profitability,” which reached a record P15.2 billion last year, bringing cumulative earnings to about $2 billion over the past five years.