Energy firm First Gen Corporation has refuted allegations raised by the camp of former ABS-CBN Chairman Emeritus Eugenio “Gabby” Lopez III regarding the supposed removal of his cousin, Federico “Piki” Lopez, as president of Lopez Inc.
Gabby Lopez’s camp earlier claimed that the board of directors lost confidence in Piki Lopez due to alleged questionable transactions amounting to billions of pesos.
First Gen, however, strongly denied the accusations, stressing that all transactions undergo thorough review before approval.
“This holds true for the transactions with the Prime Infra Group, which all members of First Gen’s Board of Directors — including Chairman and CEO Federico R. Lopez and Director Manuel L. Lopez — unanimously approved,” the company said.
The firm highlighted that under Piki Lopez’s leadership, First Gen generated $2 billion (₱119.2 billion) in revenues over the past five years.
“First Gen expects its partnership with the Prime Infra Group to help sustain its growth, while reaffirming a declaration made 10 years ago by the Lopez Group to avoid coal investments and pursue First Gen’s transition into a 100-percent renewable energy company in the future,” the statement added.
As of now, Gabby Lopez’s camp has yet to issue a response.
Lopez Inc. oversees several businesses including ABS-CBN Corporation, First Gen Corporation, Rockwell Corporation, First Philippine Holdings Inc., and Energy Development Corporation. It also holds minority shares in Manila Electric Company (MERALCO), formerly under the Lopez family but now controlled by PLDT Chairman Manny V. Pangilinan.