Businessman Leo Rey Yanson, president of Bacolod-based Vallacar Transit Inc., slammed the move of his four older siblings to remove him as chief of one of the country’s biggest transportation company, calling their takeover as “illegal”.
Yanson, the youngest of the six siblings of the late Ricardo Yanson Sr. and wife Olivia, said the company will not recognize the action of his older siblings Roy Yanson, Emily Yanson, Lourdes Celina Y. Lopez and Ricardo Yanson, Jr., who called for a “special meeting” and elected Roy Yanson as president on Sunday night.
“The actions of the four individuals did not comply with the requirements of the corporation code and the by laws of VTI,” the company said in a statement signed by Leo Rey Yanson.
In a separate statement, the VTI board of directors announced Roy Yanson’s appointment as president.
Appointed to the new management team were Yanson-Lopez as treasurer, Emily Yanson as corporate secretary and head of administration and Ricardo V. Yanson Jr. as vice president for maintenance and lawyer Jonathan Eadama as vice president for legal.
But Leo Rey said “the removal was done through a special meeting of which the election or the removal of the president was not even included in the agenda.” Five vice presidents of VTI were also removed from their posts.
Founded in 1968 by Ricardo Sr., Vallacar Transit operates nationwide under the umbrella of the Yanson Group of Bus Companies with the bulk of its business based in Visayas and Mindanao.
From a 14-seater jeepney plying a single route, it has evolved into a multi-billion peso company with 18,000 employees and about 4,800 buses operating in different routes all over the country.
Leo Rey also condemned the move of his older brother, Roy, who sent armed men inside the company premises as they took control of the property in Barangay Mansilingan in Bacolod City.
“They are sowing unnecessary fear among our employees,” said Leo Rey, credited for modernizing the company’s fleet. “The act will surely hamper the operations and spread confusion among the employees.”
The Mindanao Alliance of Land Transport and General Workers’ Union, comprised of 7,500 members from the seven branches of VTI-owned firms in Mindanao, threw its support behind the younger Yanson, who is also the godfather of the multititled Ceres Negros Football Club.