MANILA, Philippines — The majority controlling group of Lopez Inc. has launched an investigation into what it describes as a "poison pill" provision within First Gen Corp.'s P62-billion (approximately $1.1 billion) hydropower agreement with Prime Infrastructure. This clause reportedly shields Federico "Piki" Lopez from potential removal from his position.
In a formal statement, the group characterized the arrangement as "self-dealing," alleging it primarily benefits Piki Lopez and his close associates while potentially disadvantaging other stakeholders. The scrutiny intensifies an ongoing internal dispute within the prominent Lopez business family, raising questions about corporate governance and shareholder interests in one of the Philippines' largest energy transactions this year.