THE Lopez family dispute stemmed from Lopez Holdings Corp. and First Gen chairman and CEO Federico ‘Piki’ Lopez's refusal to allocate P2 billion of the proceeds of First Gen's sale of 60 percent of its natural gas business to Prime Infrastructure to support debt-beleaguered ABS-CBN. In turn, ‘the majority said they would push for an audit of First Gen to protect shareholders.’
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First Philippine Holdings Corp. (FPH), Lopez-led energy and infrastructure holding company, has pushed back its 2026 Annual Stockholders’ Meeting, scrapping the 28 May schedule as a high-stakes legal dispute at the top of the group continues to simmer.
In a disclosure on Monday following a special board meeting, the company said its board of directors agreed to defer the meeting until the ongoing conflict between Chairman and CEO Federico "Piki" R. Lopez and Lopez Inc. is resolved. No new date was provided.
The delay comes amid an ongoing legal battle for control of the Lopez group.
Piki challenged his removal as president of Lopez Inc.—the conglomerate’s ultimate holding company—following a boardroom decision led by his cousins, including Eugenio “Gabby” Lopez III.
According to court filings, Piki brought the case before the Mandaluyong Regional Trial Court, arguing that his ouster during a 27 February board meeting was unlawful and seeking reinstatement.
The court initially issued a temporary restraining order on March 11, later extending it, and subsequently granted a preliminary injunction on 26 March, preventing his replacement while the case is ongoing.
Piki claimed the dispute stemmed from disagreements over the use of corporate funds, particularly his opposition to allocating P2 billion in reserves to ABS-CBN.
He and his brother reportedly raised audit concerns and questioned the potential use of funds for executive payouts rather than addressing the media company’s financial losses.
Lopez Inc. sits atop the group’s corporate structure, with control over key listed firms including FPH, First Gen Corp. (FGEN), and Energy Development Corp., placing the dispute at the center of the conglomerate’s leadership and governance.
The uncertainty, however, also begun to affect financing arrangements.
FGEN recently secured P24.75 billion in standby credit from BDO Unibank to support its 33 percent stake in Prime Hydropower Energy, Inc., part of a scaled-down P61.875-billion transaction with Prime Infrastructure.
However, the support came with conditions set by BDO to ensure leadership stability across the FPH group. This means a major leadership change, particularly involving Piki and his key executives, could trigger a default on the group’s existing loans.
