Federico “Piki” Lopez has expressed hope for reconciliation after the Lopez majority withdrew a resolution seeking his removal as president and CEO of Lopez Inc., calling the move a potential first step toward ending the family dispute.
In a statement on Friday, Piki said he hopes the other side will follow up with "genuine, positive and concrete efforts" toward an "amicable, fair and lasting resolution." He also called for an end to what he termed "misinformation" that has been damaging the Lopez Group.
Piki reaffirmed his commitment to fulfilling fiduciary duties to shareholders of First Philippine Holdings Corp. (FPH) and First Gen Corp., particularly institutional minority investors. He defended controversial agreements with Prime Infrastructure Capital Inc., noting that First Gen's board unanimously approved the transactions. He explained that the "change of management control" provisions were requested by Prime Infra as a vote of confidence in his leadership, and that BDO Unibank Inc. issued standby letters of credit tied to his continued involvement in the FPH group.
He also urged the opposing camp to address unresolved issues involving ABS-CBN Corp., so that the media company can "chart a path to recovery."
Piki said he remains prepared for any outcome as proceedings continue before the Mandaluyong Regional Trial Court and the Securities and Exchange Commission.
The 71% Lopez majority, led by Eugenio "Gabby" Lopez III, withdrew its February 27 resolution removing Piki, stating that the move opens a window for discussions among family members. However, the majority maintained it is ready to intensify legal action if no fair compromise is reached, and continues to raise concerns over alleged "poison pill" provisions tied to the Prime Infra deals.