The management of Vallacar Transit Inc., the country’s largest bus transport company, slammed the Securities and Exchange Commission Bacolod Extension Office for allegedly attending what it described as irregular meeting of the “bogus” stockholders of the company on Dec. 7, 2019.
Madrid Danao & Associates, representing VTI’s legitimate stockholders, sent a letter dated Dec. 9 to SEC-Bacolod officer-in-charge Annabelle Corral-Respall, asking her office to cease and desist from interference, aiding and abetting the “impostor stockholders, directors and officers of VTI, namely Roy Yanson, Ma. Lourdes Celina Lopez, Ricardo Yanson Jr. and Emily Yanson” who are collectively known as the Yanson 4.
Madrid Danao & Associates represents VTI and its controlling stockholders, directors and officers led by co-founder and Yanson matriarch Olivia Yanson, Leo Rey Yanson, Ginnette Dumancas, Charles Dumancas, Anita Chua, Arvin John Villaruel and Daniel Nicolas P. Golez who were elected at the company’s principal office in Bacolod City on Dec. 7 which was a Saturday.
Under the company’s by-laws, the annual stockholders’ meeting should be held every first Saturday of December at its principal office in Bacolod City.