A dispute has erupted within the Lopez family over alleged questionable spending at ABS-CBN Corporation, even as the company faces heavy financial losses.
A special audit revealed that the media firm paid out about ₱2.56 billion in bonuses and allowances despite losing more than ₱40 billion since it lost its broadcast franchise in 2020. Part of the funds—nearly ₱1 billion—went to 68 unidentified individuals as “partial retirement payments,” which were reportedly prioritized over benefits for thousands of other employees.
The identities of these individuals have not been disclosed, causing concern and division within Lopez Inc., the parent company of ABS-CBN.
Two factions within the Lopez family are now in conflict. One group is led by Eugenio “Gabby” Lopez III, former ABS-CBN chairman. The other is led by Federico “Piki” Lopez, who heads several profitable energy and holding companies under Lopez Inc.
The dispute intensified after a proposal to inject ₱2 billion into ABS-CBN. Audit findings showed that more than half of this amount could again go to the same undisclosed group. Piki opposed the funding due to these unresolved issues.
Soon after, Piki was removed as president of Lopez Inc., a move he claims was retaliation for his opposition. He has filed a case in court seeking reinstatement and alleging that his removal was meant to silence dissent and consolidate control within the company.
The Mandaluyong RTC earlier issued a three-day TRO which it extended by 20 days before granting a preliminary injunction.
