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Bacolod City, Philippines Tuesday, September 3, 2019
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Olivia to Celina: Explain P380M


Celina Yanson-Lopez has yet to explain where the P380-million missing funds of Vallacar Transit Inc. went, her mother Olivia Yanson said in a press statement yesterday.

"Celina Yanson-Lopez is diverting the issue on the missing funds. The issue against her is that there is an existing third-party independent SGV audit report that she has at least P380-million unaccounted advances/liabilities to the company. She has not rebutted this independent SGV report,” her mother said.

When this anomaly happened, Lopez did not even call for a meeting and let her staff explain in writing why they kept on transferring funds several times for the same transaction, Yanson said.

As Chief Finance Officer (CFO), it is her duty that whatever money she sent to the branches is properly liquidated, her mother said. After finding out the anomaly, Lopez did not even bother to explain why her department is funding the same, with supporting documents or bogus transactions, she added.

Lopez even instructed the internal auditors to alter the audit report, Yanson said.

When SGV was conducting the audit, Lopez instructed the accounting department not to cooperate and participate, she added.

“If she is referring to the case in our Manila Branch which is being portrayed to be the pet of OVY, the amount being referred to was only P28 million. How about the rest of the P352 million? Where did this go?” she asked.

On the other hand, the alleged qualified theft Lopez belatedly filed against an employee of the company is self-serving; it is a mere afterthought that has no factual foundation from a third-party independent auditor, Yanson said.

Lopez, in a press release earlier, said she was deeply hurt by allegations made against her by her mother when everyone knows who was responsible for the alleged unliquidated funds, which occurred during her watch as chief financial officer of VTI.

She, however, withheld the name of the person she was referring to.*


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