Piki seeks ‘lasting’ Lopez peace
Federico “Piki” Lopez said he viewed the Lopez majority’s decision to withdraw the resolution removing him as president and CEO of Lopez Inc. as a possible first step toward resolving the family feud.
In his latest statement on Friday, Piki said he hoped the opposing camp would match the gesture with “genuine, positive and concrete efforts” toward an “amicable, fair and lasting resolution” of the dispute within the Lopez family.
He also called for an end to what he described as “misinformation” harming the Lopez Group.
Piki said he would continue fulfilling his fiduciary duties to shareholders of First Philippine Holdings Corp. (FPH) and First Gen Corp., particularly institutional minority investors with significant economic interests.
He defended the controversial agreements involving Prime Infrastructure Capital Inc., saying these were approved unanimously by First Gen’s board, including independent directors, the representative of global investment firm KKR and Manuel “Beaver” Lopez Jr.
According to Piki, the “change of management control” provisions in the agreements were requested by Prime Infra as a “vote of confidence” in his leadership.
He added that BDO Unibank Inc. also demonstrated confidence in his leadership after issuing standby letters of credit tied to his continued involvement in the FPH group.
Piki also urged the opposing side, led by his cousin, Eugenio “Gabby” Lopez III, to address unresolved issues surrounding ABS-CBN Corp. so the media company could “chart a path to recovery” while protecting investors and employees.
He said he remained prepared for any outcome as formal proceedings before the Mandaluyong Regional Trial Court and the Securities and Exchange Commission (SEC) continued.
The statement came after the 71-percent Lopez majority withdrew its Feb. 27 resolution removing Piki as president and CEO of Lopez Inc., saying the move opened a window for discussions among family members.
The Lopez majority earlier accused Piki of entering into around P125 billion worth of transactions through First Gen without authority from the controlling family bloc. Central to the dispute were alleged “poison pill” provisions tied to First Gen’s gas and hydropower deals with Prime Infra.
The majority claimed these provisions could expose the Lopez Group and First Gen shareholders to penalties of up to P24 billion if Piki or his designated officers were removed during a specified period.
The feud has since escalated into multiple legal and regulatory proceedings, including cases before the courts and the SEC, while also raising broader governance and disclosure concerns involving the Lopez Group’s listed companies.
