ABS-CBN Corp.’s board of directors denied claims of “unresolved audit findings” and allegations that the company paid more than P1 billion in bonuses and allowances to certain individuals.
The media company issued the statement following news reports concerning a dispute within the Lopez family. ABS-CBN’s board said the broadcaster is not a party to the legal case but sought to address claims attributed to court records.
“First, on the claim of ‘unresolved audit findings’. There were no audit findings. There is nothing to resolve. This claim is unfounded,” ABS-CBN said.
ABS-CBN’s board includes Martin Lopez, Carlo Katigbak, Rafael Lopez, independent directors Honorio Poblador IV, Emmanuel De Dios and Randolf David.
The board also rejected allegations that a proposed P2-billion capital infusion was intended for executive payouts. The company said no such payments have been made or planned, calling the claim “equally baseless.”
The internal rift surfaced after First Philippine Holdings Corp. chairman and chief executive Federico Lopez filed a complaint with the Mandaluyong Regional Trial Court. Federico Lopez is seeking reinstatement as president of Lopez Inc., the family’s ultimate holding company, following his ouster by his cousins.
