ABS-CBN distances from alleged Lopez feud

The media giant denies “unresolved audit findings” as Federico “Piki” Lopez challenges his ouster from the family’s holding company.

ABS-CBN has moved to distance itself from an ongoing legal battle among members of the Lopez family.

In a statement on March 28, the media giant clarified that it is not a party to the case involving members of the Lopez family, which owns ABS-CBN.

Bilyonaryo reported on the same day that Federico “Piki” Lopez was removed as president of Lopez Inc.—the family’s holding company—by his cousins, led by Eugenio “Gabby” Lopez III.

Citing court documents, Bilyonaryo reported that Piki refused to inject ₱2 billion in reserve funds from Lopez Inc. into ABS-CBN Broadcasting Corp., which has accumulated ₱35.68 billion in debt since its broadcast franchise was cancelled in 2020.

The allegations: Audits and payouts

Piki alleged that the transfer could end up in the pockets of certain executives, rather than be used to support the company. He also reportedly flagged “unresolved audit findings,” saying the move was a financial risk for Lopez Inc.

A board resolution on February 27 allegedly ousted him as president of Lopez Inc., naming Gabby’s brother, Rafael “Raffy” Lopez, as his replacement. Bilyonaryo reported that Piki has since sought a writ of preliminary injunction to stop the order.

ABS-CBN denied that such audit findings exist and said no payouts have been made to its executives. The company also clarified that it was not a party to the legal proceedings. The statement was signed by all members of the board of directors except Piki.

 

 

A house divided? ABS-CBN breaks its silence on the Lopez family legal drama, labeling claims of financial mismanagement as “baseless” while the battle for control of Lopez Inc. heads to the courts.

 

 

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