In the latest episode of the ongoing feud within one of the country’s most-influential clans.
In a disclosure to the Philippine Stock Exchange, ABS-CBN Corporation confirmed that the Securities and Exchange Commission (SEC) had served summons on ABS-CBN Corporation, its subsidiary The Big Dipper Digital Content & Design, Inc..
Also included in the summons are officers of the company, namely Martin Lopez, Carlo Katigbak, and Ricardo Tan, Jr.
The summons is in connection with a complaint filed by Federico “Piki”Lopez, through its legal counsel, last May 6, 2026.
The said complaint alleges, among others, the violation of the Revised Corporation Code Section 30 (Liability of Directors, Trustees, or Officers), and Section 31 (Dealings of Directors, Trustees, or Officers with the Corporation); and violation of the Securities Regulation Code Section 22 (Accounting and Internal Controls), Section 24 (Manipulation of Security Prices), and Section 26 (Fraudulent Transactions).
In the said complaint, allegations include supposed violations of provisions of the Revised Corporation Code and Securities Regulation Code.
Piki Lopez has also accused the management of approving billions in compensation, advances and capital spending, in spite of the company’s losses after the non-renewal of its broadcast franchise in 2020.
As regards to Big Dipper, a subsidiary of ABS-CBN, Lopez was alleging that the company was used to make ABS-CBN’s financial position appear stronger.
It has since led to the agency forming an ad hoc committee to investigate matters concerning the Lopez Group of Companies, which is the parent of ABS-CBN Corporation.
As for Piki, he has separately asked the SEC to appoint an independent management committee to oversee ABS-CBN, safeguard its remaining assets and conduct a forensic audit of related-party transactions and financial reporting practices.
The commission was said to have issued an order directing the respondents to file their verified answer within thirty days from receipt of the summons.
Meanwhile, in a response to the PSE, which cited an article of InsiderPH, ABS-CBN Corporation confirmed that the company and certain officers received summonses from the SEC Ad Hoc Committee on Matters Concerning the Lopez Group of Companies.
“The company and the named officers are currently reviewing the complaint with legal counsel and will file the appropriate response within the prescribed period,” the company stated. “ABS-CBN intends to address all allegations through the proper legal and regulatory channels.”
ABS-CBN also affirmed that the company’s Board of Directors and its committees have “consistently exercised proper oversight of executive compensation, capital expenditures, and financial reporting in accordance with applicable laws and governance standards.”
“The Company has at all times complied with its disclosure obligations to the SEC and the Philippine Stock Exchange,” it told, but added that it cannot further comment on the matter due to the case being actively considered by an administrative body.
“The company’s operations continue normally and it remains committed to its employees, content partners, advertisers, and the viewing public. ABS-CBN will not allow this matter to distract from its mission of serving Filipino audiences,” it concluded its reply.