Vallacar Transit Inc., the largest subsidiary of the Yanson Group of Bus Companies, said Thursday it will file a legal case against a former executive for alleged P380-million outstanding obligation to the company.
Vallacar Transit said in a statement its board of directors passed a resolution on Aug. 19 authorizing the company’s legal team to recommend possible legal actions against Ma. Lourdes Celina Yanson Lopez, a former director and finance officer of the company over her alleged P380-million outstanding obligation.
Lourdes Celina is a daughter of the Yanson matriarch Olivia Yanson, one of the founders of the bus transport company.
“The amount was based on the audit report from SGV and on the results of the cash, property and asset inventory audit including documents at the main office and south terminal in Bacolod City, according to lawyer Jun Maxell Orlina,” the company said.
Representatives of Yanson-Lopez were unavailable for comment as of press time.
Orlina said the stockholders of Vallacar Transit, the country’s largest bus transport company, on the same day elected a new set of board of directors who subsequently re-elected Leo Rey Yanson as the president of the company.
The stockholders including Yanson matriarch Olivia Yanson held a special stockholders meeting at the company’s main office in Barangay Mansilingan, Bacolod City to elect Leo Rey Yanson, Olivia Yanson, Ginnette Dumancas and Charles Dumancas as members of the board of directors.
Following the election of the new directors, the board held a re-organizational meeting and re-elected Leo Rey Yanson as the president of the company. Also elected were Charles Dumancas as vice president, Ginnette Dumancas as treasurer and Olivia V. Yanson as corporate secretary.
Vallacar Transit is the largest subsidiary of the Yanson Group of Bus Companies and is the company behind Ceres Liner and Sugbo Transit.
The Yanson Group, the parent company, is one of the largest bus conglomerates in Southeast Asia which operates more than 4,000 buses nationwide.
Established in 1968, the 52-year-old conglomerate founded by the late Ricardo Yanson Sr., the Yanson patriarch and his wife Olivia, now has a total of 18,000 employees who provide transport services to 700,000 passengers daily.
It has 15 bases of operations in the cities of Bacolod, Iloilo, Dumaguete, Cebu, Cagayan De Oro, Butuan, Davao, Pagadian, Dipolog, Bohol and Batangas.