ABS-CBN Corporation announced Tuesday that it remains fully committed to its employees, partners, advertisers, and the public as it addresses its current corporate challenges.
The media company confirmed it received a summons from the Securities and Exchange Commission (SEC) Ad Hoc Committee concerning a complaint filed by Federico “Piki” Lopez, a member of the ABS-CBN board and president of Lopez Inc.
In an official disclosure to the Philippine Stock Exchange (PSE), the media network stated its determination to keep moving forward.
”ABS-CBN will not allow this matter to distract from its mission of serving Filipino audiences.”
According to the company, the SEC has directed several of its executives to submit verified answers to the allegations within 30 days. The involved officers are currently reviewing the complaint with legal counsel to prepare their formal response.
ABS-CBN defended its corporate practices, noting that its board of directors maintains strict oversight over capital spending, financial reporting, and executive salaries in full compliance with governance laws.
Highlighting its transparency, the network explained that it has consistently met regulatory demands.
”The company has at all times complied with its disclosure obligations to the SEC and the Philippine Stock Exchange. ABS-CBN cannot further comment on the matter as it is being actively considered by an administrative body.”
The media firm expressed confidence in its legal standing and stated its readiness to resolve the dispute through the appropriate legal procedures.
”ABS-CBN intends to address all allegations through the proper legal and regulatory channels.”
ABS-CBN reassured the public and its stakeholders that its daily business operations will proceed without interruption despite the ongoing legal matter.