THE Lopez family’s majority bloc criticized First Gen Corp. Chairman and CEO Federico “Piki” Lopez for filing indirect contempt complaints against several relatives on the same day he publicly expressed hope for reconciliation within the family.
In a statement, the group said it received copies of the complaints last Tuesday and questioned Lopez’s call for peace during First Gen’s annual stockholders’ meeting on May 28.
“What he says and what he does are two different things,” the majority bloc said.
According to the group, Lopez spoke about “healing divisions” within the family during the meeting but filed the complaints later that day.
“This is Piki doublespeak. He talks peace and at the same time attacks. We are keeping our options open,” it added.
Piki Lopez was not immediately available for comment.
The latest development marks another escalation in the dispute surrounding First Gen’s hydropower transaction with Enrique Razon Jr.’s Prime Infrastructure Capital Inc., which has become a flashpoint in the ongoing conflict among members of the Lopez family.
Members of the majority bloc have separately written First Gen seeking documents related to the transaction.
In his complaint, Piki said statements by his relatives that they would withhold approval of management and board actions concerning the deal if the requested documents were not provided could expose them to legal liability.
The majority bloc maintained, however, that it was merely seeking information needed to evaluate the transaction and protect shareholder interests.
The group also reiterated concerns over so-called “hidden poison pill” provisions in the hydropower deal.
According to the group, these provisions could expose First Gen to penalties of up to P24 billion if Lopez and his representatives were removed from the company.
The majority said Lopez disclosed selected details of the arrangement only after family members publicly raised concerns about the provisions and their potential impact on shareholders.
The dispute had drawn attention from investors, raising questions regarding governance and disclosure issues related to the transaction.
The Philippine Stock Exchange has yet to publicly rule on issues raised in connection with disclosures surrounding the deal.
First Gen is one of the country’s leading clean and renewable energy producers with a portfolio that includes geothermal, hydroelectric, wind, solar power, and natural gas.
It is owned and controlled by the Lopez family through their parent company, listed as First Philippine Holdings Corp. (FPH), with global investment group KKR also holding close to a 20 percent economic interest.
First Gen shares on Thursday closed at P15.40 each, down 0.77 percent, while those of FPH were also down 3.58 percent, closing at P77.05 apiece, amid a 0.53 percent drop for the broader PSE index
Markets were closed Friday in celebration of the Philippines’ 128th Independence Day.
