ABS-CBN describes reports on capital infusion, payouts as ‘baseless’

ABS-CBN CORP. said it is not a party to a dispute involving the Lopez family and described reports of a proposed P2-billion capital infusion and alleged executive payouts as baseless.

The company issued the statement following reports of a dispute involving businessman Federico R. Lopez, who filed a lawsuit over his ouster as chairman and chief executive officer of Lopez Holdings Corp., whose units include ABS-CBN, First Philippine Holdings Corp., and First Gen Corp.

“We wish to state that ABS-CBN is not a party to this case. We, however, wish to address two claims attributed to court records. First, on the claim of ‘unresolved audit findings.’ There were no audit findings. There is nothing to resolve. This claim is unfounded. Second, on the claim that the proposed capital infusion could go to ‘payouts for certain executives.’ No such payouts have been made. No such payouts are planned. This claim is equally baseless,” ABS-CBN said in a statement on Monday.

“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 added.

At the local bourse on Monday, shares in ABS-CBN fell by 17 centavos, or 4.53%, to close at P3.58 apiece. — Ashley Erika O. Jose