BIZ BUZZ: Yanson family feud: Mom is majority owner
The Yanson family feud over the ownership of one of Southeast Asia’s largest bus companies concluded with the matriarch, Olivia, and two out of six children—Ginnette and Leo Rey—having majority control.
In a decision issued by the Regional Trial Court of Bacolod City Branch 45 last month, the court declared the extrajudicial settlement (EJS) of the estate of patriarch Ricardo Yanson, who died of heart attack in 2015., void.
The couple, who had no prenuptial agreement, built the Yanson Group of Bus Companies (YGBC), which includes Vallacar Transit Inc. and Ceres Transport Inc.
When the father died with no will, Mrs. Yanson and her six living children signed the EJS to settle the estate.
In the settlement, it was agreed by all parties that Mrs. Yanson would waive one-seventh of the shares she inherited from the passing of her husband in favor of her children.
But she will still keep her conjugal share or 50 percent of YGBC.
Mrs. Yanson found out belatedly that annexes were attached to the EJS after signing, which made it appear that she gave up all her shares to her children.
The other children who are the defendants of the case—Ricky, Roy, Celina and Emily—have used this document to claim majority ownership of the bus company.
“Mrs. Yanson felt defrauded and prejudiced when she was asked to sign the EJS without informing her that she was deprived of her 50-percent share in the conjugal partnership of gains,” the court decision noted.
Because Mrs. Yanson did not provide her consent to the alleged waiver of shares, the court deemed the EJS null.
It was earlier reported that arrest warrants had been issued against Ricky, Roy, Celina and Emily for carnapping charges.
Will this finally mark the end of the long-running family feud?
Abangan!
