Piki Lopez asks SEC to probe ABS-CBN execs
Federico “Piki” Lopez has asked the Securities and Exchange Commission (SEC) to investigate top executives of ABS-CBN Corp. over the alleged misuse of company funds and reporting irregularities.
In a verified complaint filed on May 6, Piki accused ABS-CBN chair Martin “Mark” Lopez, president Carlo Katigbak and chief financial officer Ricardo Tan of violating the Revised Corporation Code and Securities Regulation Code.
Piki, a member of ABS-CBN’s board, alleged management engaged in “systemic fraud, misrepresentation” and the “unabated dissipation” of company assets.
“In a flagrant display of bad faith and/or gross negligence, ABS-CBN has continuously paid exorbitant amounts of money to management and other corporate officers booked as compensation packages or advances amidst billions in net losses,” the complaint said.
The complaint claimed that ABS-CBN accumulated at least P45.5 billion in net losses from 2020 to 2025. This allegedly erased retained earnings and left the company with a P6-billion deficit by end-2025.
The filing added that the company’s external auditor had repeatedly flagged “material uncertainty” over ABS-CBN’s ability to continue as a going concern since 2020.
Piki also sought a probe into compensation packages and advances of about P10.6 billion that were allegedly released to executives and other “favored persons” despite mounting losses and liquidity concerns.
The complaint alleged that some executive bonuses were reclassified to conceal the actual compensation received by top officers during years when ABS-CBN was incurring heavy losses.
Piki likewise questioned P12.1 billion in property and equipment purchases made between 2020 and 2025, even after ABS-CBN lost its broadcast franchise.
He further cited alleged reporting irregularities involving subsidiaries, including dividend declarations backed mostly by non-cash transactions and unrealized gains.
One example involved subsidiary Big Dipper Digital Content & Design Inc., which was said to have declared a P2.5-billion “cash” dividend despite holding only P1.83 million in cash.
Another involved ABS-CBN Global Hungary Kft., which booked a P3.63-billion dividend as income even though less than 1 percent was reportedly received in cash.
Piki also alleged that ABS-CBN impaired investments worth at least P16 billion over the past six years. He said this may have been used to conceal previously booked investments or advances.
The businessman asked the SEC to appoint an independent management committee that would conduct a forensic audit and safeguard the company’s remaining assets.
The latest move adds another layer to the escalating Lopez family feud, which began after the camp of Eugenio “Gabby” Lopez III sought to remove Piki from leadership positions in the family’s business empire.
ABS-CBN has yet to respond to the allegations as of press time.
