Lopez discord deepens; majority probes Piki’s energy deals
Majority shareholders of Lopez Inc. pressed Federico “Piki” Lopez to explain transactions involving key energy assets, raising concerns on governance and transparency concerns.
In a statement, the group questioned why control of First Gen Corp.’s gas assets was ceded to Prime Infrastructure Capital Inc. They said these were the firm’s “crown jewels.”
They also flagged the reduction of a 40-percent minority stake in Prime Infra’s hydropower business to 33 percent. They said this weakened veto power tied to the original stake.
The majority asked Piki why control was surrendered, what valuation was used and whether a premium was paid. They noted that the transactions were substantial and required shareholder approval.
They criticized the deals for being disclosed under “other matters” and taken up in executive session.
“Piki acts like a king without accountability. In reality, he is a salaried corporate officer equivalent to a professional manager with one qualifying share who is in power by the majority’s tolerance,” the majority said.
In a 5-2 board vote last month, the majority ousted Piki as president and CEO of Lopez Inc. for cause and loss of trust over transactions worth billions of pesos.
The majority, representing three Lopez family branches, owns 71 percent of the company. Piki represents the fourth branch through the late Oscar Lopez.
Despite this, a court order allowed Piki to keep his post and barred his removal from other companies where Lopez Inc. holds shares.
The majority said it would pursue an audit of company books, criticizing conditions that prevent findings from being used against Piki as contrary to transparency standards.
“Because of Piki’s opaque one-man rule, we are blind to where the group is headed. The blunders he made, like giving up full control and the reduction in our stake to 33 percent, are his but it is us and the public shareholders who will suffer. Piki must go and we will fight tooth and nail to get him out,” they said.
First Gen said its transactions undergo rigorous evaluation and require full approval from its board of directors.
The energy company added that deals with Prime Infra were unanimously approved by Piki and director Manuel Lopez.
First Gen also emphasized its compliance with disclosure rules, ensuring equal access to material information and avoiding selective or premature releases.
The firm added that its partnership with Prime Infra will support growth while advancing its transition toward becoming a fully renewable energy company.
