'I don’t want them to be washing their dirty linen in public,' says SEC chair Francis Lim, a longtime Lopez family friend now trying to restore some dignity to a Philippine capital market made even messier by family drama
The Lopez family war, it seems, has become impossible to keep inside the family. And if the country’s top corporate regulator had his way, that’s not where this fight should be playing out.
“I don’t want them to be washing their dirty linen in public because the public interest is at stake here,” Securities and Exchange Commission (SEC) Chair Francis Lim said in a forum on Monday, July 13. “Several of the companies are listed companies.”
The problem is that much of the laundry is already hanging out for all to see. The feud has produced lawsuits, boardroom battles, poison pill allegations, and dueling press statements. Accusations once confined to private dining rooms are now being served hot to the investing public. (READ: How to make yourself very expensive to fire: The Lopez cousins’ war)
At the center of the conflict is Federico “Piki” Lopez, who has challenged his removal from the top post at Lopez Incorporated, accused ABS-CBN executives of fraud and asset dissipation, and faced scrutiny over First Gen agreements that could cost the company billions if control changes hands.
