Internal friction within the Lopez dynasty has escalated after Lopez Inc. President and CEO Federico “Piki” Lopez filed a formal appeal with the Securities and Exchange Commission (SEC) to investigate top officials of ABS-CBN Corporation.
The energy magnate is calling for a probe into ABS-CBN Chairman Mark Lopez, President and CEO Carlo Katigbak, and Chief Finance Officer Ricardo Tan Jr. Piki alleges that the media firm has engaged in “accounting tricks,” “wasteful spending,” and the distribution of “bloated pay” and “hidden bonuses” to select executives. These claims surface despite the network’s well-documented financial struggles following the House of Representatives’ 2020 decision to deny its broadcast franchise.
Piki further alleged that the three leaders permitted substantial payouts to officials aligned with former Chairman Emeritus Eugenio “Gabby” Lopez III—Piki’s current rival within Lopez Inc.
He contended that these financial perks continued even as the company aggressively cut production budgets and laid off thousands of employees over the last six years.
While ABS-CBN recently confirmed that a member of the Lopez family had suggested the total closure of the network by 2025—a proposal rejected by the board—they did not explicitly name the individual. However, industry observers suggest the description points toward Piki.
As of press time, the leadership of ABS-CBN and the individuals named in the appeal have yet to issue an official statement regarding the allegations.