SEC eyes special committee for Lopez-related concerns

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June 1, 2026 | 12:00am

MANILA, Philippines — The Securities and Exchange Commission (SEC) is forming a group to look into all the complaints and concerns surrounding the Lopez family feud as well as the corporations embroiled in the controversies.

SEC chairperson Francis Lim told The STAR that a special ad-hoc committee would be formed by the commission “to address all Lopez-related matters.”

An ad hoc committee is typically a temporary panel created to take care of specific issue or case.

Federico “Piki” Lopez filed last month a complaint to the SEC against ABS-CBN Corp. executives, seeking for an urgent investigation for the alleged “systemic fraud, misrepresentation and unabated dissipation” of assets by the company’s top management.

Piki has asked the commission to audit ABS-CBN and investigate its top management, led by its chairman Martin “Mark” Lopez for allegedly “squandering tens of billions of pesos of the losing media company’s resources” as well as for violations of the Revised Corporation Code and the Securities Regulation Code.”

Aside from Mark Lopez, respondents named in the complaint are ABS-CBN president Carlo Katigbak and its treasurer and group chief financial officer Ricardo Tan.

Piki wants the SEC to probe the P3.18 billion released by ABS-CBN as payment to its top company officials and “favored persons” from 2020 to 2025.

He also raised concerns over ABS-CBN’s P12.1 billion purchases of “property and equipment” between 2020 and 2025, when the company no longer possessed a franchise to construct, install, operate and maintain radio and television broadcasting stations.

According to Piki, these acts violated Sections 30 and 31 of the Revised Corporation Code, which hold directors liable for gross negligence or bad faith in directing corporate affairs and require fair and reasonable reporting of contracts with related parties.

The complaint also cited reporting irregularities in the company, claiming that ABS-CBN possibly used creative bookkeeping to project  an “illusion of solvency” and mask its true financial deterioration.

Based on ABS-CBN’s most recent disclosure on May 20, the company said that it has yet to receive a copy of the alleged complaint filed or any order from the SEC requiring it to answer or comment.

The company said it would provide the appropriate response to the relevant regulator at the appropriate time.

The SEC earlier allowed First Philippine Holdings Corp. (FPH), a listed company where Piki sits as chair and CEO, to hold its annual stockholders’ meeting (ASM) on July 27, 2026, deferring or excluding the election of directors from the agenda.

FPH deferred the holding of the company’s 2026 ASM which was previously scheduled for May 28, 2026, given the uncertainties surrounding an ongoing conflict among Lopez family members.

In moving its ASM on July 27, however, FPH earlier said the election of directors would be deferred and excluded from the ASM agenda if there remains unresolved issues regarding director nominations and the intra-corporate case between Piki and Lopez Inc. by the deadline for submitting nominees for election to the board of directors.

Hopes of a potential resolution of the Lopez family feud, however, sparked after the 71 percent Lopez majority  issued a statement on May 14 indicating their openness to a ceasefire, with the board of holding company Lopez Inc. withdrawing its Feb. 27 resolution removing Piki as president and CEO.

The majority said the withdrawal presents an opportunity for the whole family to step back, re-consider their adversarial positions and look for options that are least injurious to the family, the Lopez group and the investing public.

In response, Piki welcomed what appeared to be an olive branch extended by the Lopez family majority, saying that he views the gesture as a possible first step for all parties to finally resolve the issues dividing the family.

Piki earlier claimed that his removal as president of Lopez Inc. was allegedly due to his refusal to infuse P2 billion in reserve funds from Lopez Inc. as fresh capital for the ailing ABS-CBN.

The Lopez family majority voted to remove Piki as president and CEO of Lopez Inc. last February in a five-two board vote, for cause and loss of trust after he allegedly entered into P125 billion deals without any authority from the majority.

They also discovered so-called “poison pills” in the said deals that would penalize the Lopez group and First Gen shareholders up to P24 billion, and cross-default loan provisions should Piki be removed from his job.