ABS-CBN Corp. said it is not a party to the controversy involving the Lopez family and described reports of the proposed P2 billion capital investment and alleged executive payouts as baseless.
The company issued the statement following reports of a controversy involving businessman Federico R. Lopez, who filed a lawsuit over his ouster as chairman and chief executive officer of Lopez Holdings Corp., whose units include ABS-CBN, First Philippine Holdings Corp. and First Gen Corp.
“We wish to point out that ABS-CBN is not a party to this case. However, we wish to address two claims attached to the court records. First, on the claim of 'unresolved audit findings'. There were no audit findings. There is nothing to be resolved. This claim is baseless. Second, on the claim that the proposed capital investment may go for 'payments to certain officials'. No such payments have been made. No such payments are planned. This claim is equally baseless,” ABS-CBN said in a statement on Monday.
“Since losing its franchise in 2020, the company has faced challenges unlike any in its history. ABS-CBN has not stopped fighting to ensure its continued survival. It has not stopped serving. The last thing it needs is for its people to be misrepresented in a controversy it is not involved in.”
In the local market on Monday, ABS-CBN shares fell 17 centavos or 4.53% to close at P3.58. — Ashley Erica O. jose