Connect with us
Click me!

Business

Explain P380-M mess, billionaire told

The legal team said while Yanson-Lopez blamed other individuals for the missing funds

TDT

Published

on

Vallacar Transit Inc. (VTI), the country’s largest, has a strong case against former chief finance officer Ma. Lourdes Celina Yanson-Lopez over the alleged P380-million missing funds under her watch.

In a statement, the legal team is now preparing the required documents to file a criminal case of “qualified theft/estafa” per Revised Penal Code against Celina Yanson-Lopez, one of the four Yanson siblings who attempted to take over VTI in July this year.

“Celina Yanson will have a day in court,” said the statement in connection with the P380-million unliquidated expenses incurred when Yanson-Lopez was the CFO of VTI, a member of the Yanson Group Bus Companies which operates more than 4,000 buses nationwide and employs 18,000 individuals who serve 700,000 passengers daily.

Yanson-Lopez is one of the four Yanson siblings who tried to unseat Leo Rey Yanson as the president of VTI and stripped their own mother, Oliva V. Yanson (OVY), of her own stake in the company in a purported special board meeting on 7 July 2019. Leo Rey was illegally replaced by his eldest brother Roy Yanson.

The 52-year-old bus conglomerate was founded by Ricardo Yanson Sr. and OVY in 1968. When the patriarch died in 2015, four of the Yanson children claimed that Olivia has zero shares and therefore is no longer a shareholder in the company.

On 19 August, OVY and her two children Leo Rey Yanson and Ginnette Yanson Dumancas regained control of the company in a special stockholders meeting at the company’s main office in Barangay Mansilingan, Bacolod City. The board also re-elected Leo Rey Yanson as the president of the company, Charles M. Dumancas as vice president, Ginnette Y. Dumancas as treasurer and OVY as corporate secretary.

The reorganized board also passed a resolution authorizing the company’s legal team to recommend possible legal action/s against Yanson-Lopez.

The legal team said that as CFO, Yanson-Lopez was responsible for any missing funds in the company under her watch as she had full control of the processes, recordings and approvals of all disbursements.

The legal team said while Yanson-Lopez blamed other individuals for the missing funds, she as CFO had ultimate control over the finances of VTI.

“Celina Yanson-Lopez is diverting the issue (on the missing funds). The issue against her is that there is an existing third-party independent SGV audit report that she has at least P380-million unaccounted advances/liabilities to the company. She has not rebutted this independent SGV report,” the legal team said.

“When this anomaly happened, CYL did not even call for a meeting and let her staff explain in writing why they kept on transferring funds several times for the same transaction,” the legal team said.

The legal team said that as CFO, it was CYL’s duty that whatever money she sent to the branches was properly liquidated. After finding out the anomaly, CYL did not even bother to explain why her department was funding the same, with supporting documents or bogus transactions.

Click to comment