A storm of allegations has swirled around the Lopez family, but ABS-CBN Corporation has firmly asserted its non-involvement in the escalating dispute. Reports detailing a potential P2-billion capital injection and accusations of executive payouts have been swiftly and unequivocally dismissed as false.
The controversy centers on businessman Federico R. Lopez, who initiated legal action following his removal from leadership positions within Lopez Holdings Corp. – the parent company of ABS-CBN, First Philippine Holdings Corp., and First Gen Corp. The legal battle has sparked a flurry of claims, prompting ABS-CBN to issue a direct response.
The company directly refuted claims of “unresolved audit findings,” stating plainly that no such findings ever existed. This assertion was followed by a similar denial regarding the alleged planned use of capital infusion funds for executive payouts, labeling the suggestion entirely without merit.
ABS-CBN acknowledged the immense challenges it has faced since losing its broadcast franchise in 2020, a setback unlike any in its history. Despite these obstacles, the company emphasized its unwavering commitment to survival and continued service to the public.
The company expressed deep concern over the misrepresentation of its personnel within a conflict to which it is not a party, highlighting the damage such claims could inflict. It underscored a dedication to its mission, separate from the internal family dispute.
The market reacted to the unfolding situation, with ABS-CBN shares experiencing a decline on Monday, falling 17 centavos to close at P3.58 per share. This movement reflects the sensitivity of investors to the ongoing developments surrounding the Lopez family and its holdings.
