Lopez majority: Piki ousted for loss of trust

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April 1, 2026 | 12:00am

Piki proffers NDA

MANILA, Philippines — A majority of the Lopez clan cited the “loss of trust and confidence” in Federico “Piki” Lopez as the reason for his ouster as president and CEO of Lopez Inc., dismissing claims that it happened out of reprisal for his refusal to infuse P2 billion of reserve funds from the family holding company as fresh capital for media giant ABS-CBN.

Three Lopez factions, representing a combined 71 percent majority stake in the family’s holding company, issued a statement yesterday saying they have found questionable transactions involving billions of pesos in the companies Piki runs.

The majority said it is now preparing legal action against Piki and others “for betraying their fiduciary obligations.”

It said Lopez Inc.’s by-laws allow the removal of any corporate officer even without cause by a majority vote.

The company’s board voted five-two to remove Piki on Feb. 27, 2026, with Piki and his brother, Benjamin, dissenting.

A court order, however, temporarily blocked his ouster and allowed him to stay in his post.

The loss of trust and confidence by five of seven Lopez Inc. directors allegedly stemmed from incidents prior to the Feb. 27 special meeting involving First Gen Corp.

The First Gen transactions include the company’s sale of a 60-percent stake in its natural gas business to Prime Infrastructure of tycoon Enrique Razon Jr. in 2025 for P50 billion, as well as the firm’s acquisition of a 40-percent stake in Prime Infra’s hydropower portfolio.

“Efforts to audit First Gen, a listed company that is involved in the subject transactions, were met with a non-disclosure agreement from Piki’s camp prohibiting the use of any adverse information gathered in any complaint. The majority did not sign, but said it would push for an audit for the protection of all shareholders,” the statement said.

According to the majority, First Gen entered into transactions involving billions of pesos without informing Lopez Inc. and its board beforehand.

It claimed that many Lopez board members said they found out about the deals only through media and only after Piki was pressed for information.

“One of the transactions was basically a done deal when it was presented for discussion for an hour before the board. It was concealed under ‘other matters’ in the agenda. Questions about the validity of the board approval were also raised,” the statement said.

“Other transactions in the past few years involving huge amounts are also being looked into. The majority said Piki must open the books for an audit without conditions especially since the companies are public,” it said.

A motion for the dissolution of the pro-Piki court order was filed by the lawyers of the majority, citing among others the by-laws allowing Lopez Inc.’s board to remove Piki by a majority vote as well as his “opaque management style which is a breach of proper governance.”

The majority factions include Eugenio “Gabby” Lopez III and Rafael Lopez (sons of Eugenio “Geny” Lopez Jr.), Miguel Ernesto Lopez and Martin Lopez (sons of Manuel “Manolo” Lopez) and another cousin Maria Eugenia Brown.

Piki, from the Oscar Lopez group, represents the fourth family faction.

Piki has filed a complaint before the Mandaluyong City Regional Trial Court against his cousins in their capacities as the directors of Lopez Inc., which serves as the ultimate parent firm of all the Lopez Group of companies that include Lopez Holdings, First Philippine Holdings, First Gen and Energy Development Corp.

He is seeking his reinstatement as president of Lopez Inc., claiming that his ouster during the Feb. 27 board meeting was illegal.

The application for a writ of preliminary injunction was granted by the court in an order dated March 16, 2026.

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

Piki and his brother Benjamin, as members of Lopez Inc.’s board, voted against the use of the reserve funds of their holding company for ABS-CBN, because of what they considered “unresolved audit findings” at ABS-CBN.

Share prices of most Lopez-led companies listed in the Philippine Stock Exchange remained in the red yesterday.

Listed holding firm Lopez Holdings saw its share price decline by 0.27 percent to P3.64 apiece, while that of ABS-CBN fell by 1.40 percent to P3.53.

First Philippine Holdings and Rockwell Land Corp., whose shares finished in the green on Monday, dropped by 0.14 percent and 2.22 percent, respectively, to P73.10 and P1.76 yesterday.

First Gen was the only one in positive territory, rising by 1.71 percent to P17.88.