Federico claimed his ouster during a Feb 27 board meeting was illegal and sought his reinstatement, according to a court filing. A court order dated March 26 prohibited the defendants including Eugenio Lopez III, Rafael Lopez, Miguel Ernesto Lopez, Martin Lopez and Maria Eugenia Brown from enforcing Federico’s ouster. Lopez Inc groups Lopez Holdings Corp, which controls ABS-CBN; First Philippine Holdings Corp; First Gen Corp and Energy Development Corp.Federico said moves to remove him stemmed from his opposition to a proposal to use Lopez Inc’s reserve funds to infuse two billion pesos in capital to loss-making ABS-CBN, and insisted that unresolved audit findings at the media company first be addressed, the court filing showed. On Saturday, ABS-CBN’s board of directors said that while the company is not a party to the case, it wanted to clarify that there were no audit findings and there was “nothing to resolve”. The claim is unfounded, the directors, which included two of the defendants, said in a statement.

Source: The Edge Markets March 29, 2026 07:34 UTC