ABS-CBN Corp., once the country’s largest broadcast network, on Monday dismissed anew claims of unresolved audit issues and firmly rejected reports that a proposed P2-billion capital infusion would be used for directors’ payouts, seeking to distance itself from a boardroom dispute within Lopez Inc., the company owned by its major shareholders.
The broadcaster issued the statement as clarification request from the Philippine Stock Exchange after news reports cited court records suggesting that Federico “Piki” Lopez had opposed the infusion due to alleged audit findings and possible executive payouts.
ABS-CBN emphasized it is not a party to the case and does not anticipate any impact on its operations or financial condition.
“This claim of unresolved audit findings is unfounded. There were no audit findings and nothing to resolve,” the board said in an earlier statement. “On the claim that the proposed capital infusion could go to payouts for certain executives, no such payouts have been made or are planned. This claim is equally baseless.”
The board also highlighted the broader context of the company’s ongoing challenges.
“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 existence. It has not stopped serving. The last thing it needs is for its people to be misrepresented in a dispute it is not involved in,” it said. “Serving the Filipino is not without its challenges, but it is a mission worth standing up for. We continue to support ABS-CBN management in its mission to serve the Filipino people.”
Market observers note that while disputes at the shareholder or parent company level can create temporary uncertainty, ABS-CBN’s clear disavowal and non-involvement should reassure stakeholders and help maintain operational stability.
