The Lopez family majority is demanding an explanation from tycoon Federico “Piki” Lopez and the board of First Gen Corp. regarding the company’s hydropower deals with Prime Infrastructure, alleging that Piki “went all in with First Gen’s money” to keep his post, according to Philstar Biz.
The family, which holds a majority stake in First Gen, is questioning the premium paid in the transaction, which they claim was not properly justified. The deal involves the acquisition of hydropower assets, and the family argues that the premium benefits only Piki Lopez, who they say used company funds to secure his position within the firm.
The matter is expected to be discussed at the next board meeting, where the family may push for further disclosures. First Gen has yet to issue a formal response to the allegations.