The media giant’s board of directors has distanced itself from the matter.
In a statement issued on Saturday, March 28, the members of the ABS-CBN Board of Directors, composed of its Chairman Martin Lopez, President and CEO Carlo Katigbak, Rafael Lopez and independent directors Honorio Poblador IV, Emmanuel De Dios, and Randolf David, have responded to the reports on the ongoing dispute within the Lopez family, which had linked the network.
“We wish to state that ABS-CBN is not a party to this case,” the board stated after Federico ‘Piki’ Lopez sued his cousins, led by ABS-CBN chairman emeritus Eugenio ‘Gabby’ Lopez III, Rafael Lopez, Miguel Ernesto Lopez, Martin Lopez, and Maria Eugenia Brown.
The case stems over his recent ouster as president of family holding company Lopez, Inc., which he has since challenged before the judiciary.
ABS-CBN continued, “We, however, wish to address two claims attributed to court records. First, on the claim of ‘unresolved audit findings.’ There were no audit findings. There is nothing to resolve. This claim is unfounded.”
“Second, on the claim that the proposed capital infusion could go to ‘payouts for certain executives.’ No such payouts have been made. No such payouts are planned. This claim is equally baseless,” it added.
Since losing its franchise in 2020, the company reiterated that it has “faced challenges unlike any in its history.“
“ABS-CBN has not stopped fighting to ensure its continued existence. It has not stopped serving. The last thing it needs is for its people to be misrepresented in a dispute it is not involved in,” the Kapamilya network’s board furthered.
It also drew the line as it noted that serving the Filipino is “not without its challenges.” The group said, “But it is also a mission worth standing up for and ensuring that it remains untarnished by allegations.”
In conclusion, “We, the members of the Board of Directors, continue to support ABS-CBN management in its mission to serve the Filipino people. In the Service of the Filipino today, tomorrow, always.”
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