SEC Chief Francis Lim Offers Peace Plan for Lopez Family Feud

The Lopez family war, it seems, has become impossible to keep inside the family. And if the country’s top corporate regulator had his way, that’s not where this fight should be playing out. “I don’t want them to be washing their dirty linen in public because the public interest is at stake here,” Securities and Exchange Commission (SEC) Chair Francis Lim said in a forum on Monday, July 13. “Several of the companies are listed companies.” The problem is that much of the laundry is already hanging out for all to see. The feud has produced lawsuits, boardroom battles, poison pill allegations, and dueling press statements. Accusations once confined to private dining rooms are now being served hot to the investing public. (READ: How to make yourself very expensive to fire: The Lopez cousins’ war) At the center of the conflict is Federico “Piki” Lopez, who has challenged his removal from the top post at Lopez Incorporated, accused ABS-CBN executives of fraud and asset dissipation, and faced scrutiny over First Gen agreements that could cost the company billions if control changes hands. The opposing Lopez bloc has accused Piki of acting like a king, trying to shut down ABS-CBN, and using the network’s troubles as cover for a wider fight over the family empire. (READ: EXCLUSIVE: Inside Piki Lopez’s town hall as cousins rally for ABS-CBN) So what does Lim — regulator, lawyer and, apparently, reluctant family peacemaker — propose? Lim said he personally drafted a roadmap to stop the feud from continuing as a very public corporate teleserye. “I personally did the framework for possible settlement. If your bilateral settlement does not succeed, this is what I suggest: go through a structured mediation-conciliation, and if it fails, go to arbitration,” Lim said. “There’s a template that I submitted to them for their consideration, that they will settle their case privately.” Lim’s ties with the Lopezes The SEC, in its role as a regulator, isn’t a passive advisor here. It has actual matters to decide. For instance, Piki has asked it to appoint an independent management committee over ABS-CBN. The family conflict has also forced the SEC to deal with disputes over annual stockholders’ meetings and the election of company directors. To help streamline a resolution, Lim said he created a single ad hoc committee to handle the related cases instead of allowing different SEC departments to pick apart separate pieces of what is ultimately the same family war. The tricky part here is that Lim is either the perfect man for the job or the most complicated possible choice. Before joining the SEC, he sat on the boards of First Philippine Holdings (FPH) and Energy Development Corporation (EDC). FPH is the Lopez group’s holding company for interests spanning energy, property, manufacturing and other sectors. EDC, controlled through First Gen, is its renewable-energy powerhouse and the country’s leading geothermal producer. The ties that do — and do not — bind do not end there. Piki is also the wedding godfather of Lim’s son. But Lim has already shown that he doesn’t let old connections get in the way of work. One need only look at the Villar case. Years earlier, while still in private practice, he helped the Villar family navigate Vista Land’s controversial stock market listing. Now, he’s leading the regulator that filed criminal complaints against the Villars for alleged insider trading, market manipulation, and misleading disclosures. It should come as no surprise, then, that Lim has told both camps not to expect favors. “Don’t worry, I will decide things the way they should be decided,” he recalled telling them. To Piki, he simply said: “I stand where I sit.” Must Read SEC chief Francis Lim to Villars: No family is too powerful to sue A white knight joins the fray? For those not entirely familiar with the Lopez family conflict, let’s do a quick review of where things stand. The first battlefield is Lopez Incorporated, the private holding company at the summit of the empire. Piki went to court after cousins led by Gabby moved to replace him as president, a removal he linked to his refusal to support a proposed P2-billion infusion into ABS-CBN. A Mandaluyong court stopped the ouster while the case proceeds, leaving the family with a frozen leadership fight and a public airing of grievances. (READ: The Lopezes, presidents, and the cost of dissent) Then there is First Gen. Its deals with Enrique Razon Jr.’s Prime Infrastructure included a change-of-control provision that could expose First Gen to as much as P23 billion in losses. The clause was not disclosed when the deal was first announced. First Gen is now grappling with several sanctions by the Philippine Stock Exchange (PSE) for violating multiple disclosure rules. Lim’s response was to leave the first call to the exchange. “Well, kung ginawa na ng PSE, okay na. Pag ina-appeal nila (if the PSE already did it, then that’s fine. If they appeal), that’s the time we’ll step in,” he said at the sidelines of the Monday Circle Forum. And then there is ABS-CBN, the wounded crown jewel. The network has been rebuilding since losing its broadcast franchise in 2020, but entered 2026 still bleeding, posting another P813-million net loss in the first quarter. Piki has asked the SEC to place ABS-CBN under an independent management committee, alleging fraud, misrepresentation, and the dissipation of company assets. ABS-CBN has denied the claims and argued that the family feud is only making an already difficult recovery even harder. Beset with all these issues, is the legacy media giant’s best way out now a white knight arriving with fresh cash? Asked about rumors of a “white knight,” Lim did not dismiss it. “That’s my understanding. I’m not privy to that,” he said, adding that he had heard there were negotiations. The would-be rescuer remains unnamed. In a drama already crowded with angry billionaires, courts, regulators, and alleged poison pills, it seems like there could be one more plot twist in store for the next episode. – Rappler.com SEC chief Francis Lim hopes to revive Philippines’ ‘lagging’ capital markets