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Bacolod City, Philippines Thursday, October 11, 2018
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Yanson matriarch sues 4 children
over share in multi-billion assets
BY CARLA P. GOMEZ

 

The Yanson matriarch Tuesday sued four of her six children to demand her conjugal half to the multi-billion transportation and real estate properties she co-owned with her late husband, Ricardo Yanson Sr.

Olivia Yanson filed the suit against her children, Roy Yanson, Emily Yanson, Ma. Lourdes Celina Lopez, and Ricardo Yanson Jr., before the Bacolod Regional Trial Court. Her two other children, Ginnette Dumancas and Leo Rey Yanson, were not impleaded as defendants.

Civil Case 18-15199 seeks the amendment of deeds of extra-judicial settlement of estate, reconveyance, and damages with prayer for issuance of temporary restraining order and/or preliminary injunction and/or status quo.

Her husband, Ricardo Yanson Sr., passed away on Oct. 25, 2015, leaving as his compulsory heirs his wife, Olivia, and their six children.

Olivia said that before her husband’s death, she was actively involved in the day-to-day operation of their various businesses, which grew immensely over the years.

FORMER CHAIRMAN

In fact, even as early as 1986, she served as chairman of the board of Vallacar Transit Inc. and a member of the board until 2015, her complaint said.

Olivia and her husband had toiled and labored together to make their businesses grow and to acquire other interests as well, it added.

She said that at the time of her husband’s death, they co-owned shares of stocks in their various family corporations, vehicles as well as a substantial number of real estate properties.

The sudden death of her husband had left her bereft and adrift, putting her for quite some time in a state of mind, not only of a grieving widow who lost her partner in life and business, but groping for direction of which she could not function effectively, her complaint said.

On Dec. 16, 2015, not even two months after the death of her husband, their six children executed an extra judicial settlement of estate, only a few weeks after she had been hospitalized for several days because of a medical condition compounded by her grief and loneliness at the loss of her husband, she said.

ASSETS LISTED

Annex B of the settlement listed total assets of the conjugal partnership co-owned by Ricardo and Olivia Yanson as 137 parcels of land, shares of stocks in eight family corporations - Bachelor Express Inc., Ceres Liner Travel and Tours Inc., Ceres Transport Inc., Countryside Food Resources Corp., RB Yanson Resources Philippines, Rural Transit Mindanao, Vallacar Transit, and Yanson Realty Development Corp, nine vehicles, and P2,604,952.40 cash in bank, the complaint said.

Annex B listed Olivia’s conjugal share comprised of 81 parcels of land and cash in bank of P858,216.55, the complaint added.

On the other hand, Annex B-1 of the extra judicial settlement listed the assets belonging to the estate of Ricardo B. Yanson which erroneously include the conjugal half of Olivia to be distributed among all his heirs, including herself, comprised of 56 parcels of land, all shares of stocks in the eight family corporations, nine vehicles and cash in bank of P1,746,735.85, the complaint said.

On Dec. 20, 2017, Olivia and her six children executed an amended extra judicial settlement stating that the total assets of conjugal partnership of Olivia and Ricardo Yanson were 158 parcels of land from 138, shares of stock in eight family corporations, nine vehicles and P4,354,300.15 cash in bank, it added.

Annex B-1 listed as assets off the estate, which should not have included the conjugal half of Olivia, to be distributed to his heirs as 78 parcels of land, all shares of stocks in the eight family corporations, nine vehicles, and P1,710,391.72 in cash, the complaint said.

Through all this, Olivia was of the impression that she retained her personal shares consisting of her conjugal half of the conjugal assets and remained a shareholder and active participant of the operations of their family businesses, the complaint said.

‘MISLED AND DECEIVED’

“She was grievously mistaken, having been misled and deceived, considering her age, and situation of which at the time she was decidedly a grieving widow who had just lost the anchor in her life,” her complaint said.

Olivia said she had been unaware of the goings on in their various businesses for some time until May of 2018, on learning that the Finance Department of their corporation could not account for shortages of a considerable amount.

She said she learned that the assistance of the National Bureau of Investigation has been sought in conducting an investigation into this anomaly, and an external audit to determine the exact liability of the persons accountable, the complaint said.

This discovery caused her so much distress, she had to be hospitalized for several days in July 2018, she said.

Upon her release from the hospital, the complaint said Olivia tried to put a stopgap to the bleeding from the company coffers by asking her daughter Celina, who heads the Finance Department, to take a leave of absence so she could straighten out the mess in the interim, but the defendant refused, stating that such would need board approval.

ALL STOCKS TRANSFERRED

It was only after the discovery of “anomaly” in July 2018 that Olivia found out to her great surprise and consternation that all her shares of stock, including her conjugal half in all eight family corporations, had been transferred to her children, leaving her with zero participation or interest, the complaint said.

She discovered that she no longer holds a single share of stock in her own name, and the complaint said “depriving her of her due share is a disrespect of her status as mother of her children and matriarch of the businesses”.

The complaint said she was obviously misled into signing the extrajudicial settlement and amended extrajudicial settlement, under a mistaken notion that what was due her as a conjugal share would remain hers, the complaint said.

As chairman emeritus of board, she issued a memorandum to monitor, streamline and simplify all daily collections, deposits and banking, transactions of the family businesses, but was defied, causing for sometime a paralyzation of operations in the Finance Department, the complaint added.

Despite her efforts, she said no settlement was reached with her four children, prompting her to take legal action against four of her six children.

Despite all her pleas, she said only her children Ginnette and Leo Rey signified their willingness to abide by her wishes.

ANNULMENT SOUGHT

She is asking the court to annul, not only her waiver to her 1/7th instate share, which she was misled into signing, but to also take back her conjugal half, the complaint said.

The complaint also pointed out that it appears that the extrajudicial settlement and amended extrajudicial settlement were never published in a newspaper of general circulation for a period of three consecutive weeks.

The complaint asks the court to restrain the defendants from continuing with the transferring of real and personal properties belonging to the estate of Olivia and Ricardo Yanson, and for the extrajudicial settlement and amended extrajudicial settlement to be annulled.

She is also asking the defendants to be held liable for actual, moral and exemplary damages as adjudged by the court on the basis of her standing as matriarch of the Yanson family, as well as for attorney’s fees and cost of the suit.

The four siblings will give a joint statement later, a source said.*

 

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