Criminal raps filed against Manny Villar and his family.
The Securities and Exchange Commission has filed criminal complaints against Manny Villar and his family, and the Villar Land Holdings Corp.
On Saturday, the Securities and Exchange Commission (SEC) said that it has filed a criminal complaint against Villar Land Holdings Corp and its officers.
The Villar Land Holdings Corporation (VLC), previously called Golden MV Holdings, along with several members of the Villar group, is facing a criminal complaint over alleged market manipulation, insider trading, and dissemination of materially misleading disclosures.
The SEC, with the Department of Justice (DOJ), filed the complaint, stemming from the allegations that the respondents carried out actions that artificially propped up the company’s share price. The allegations reportedly misled the investing public regarding the true financial condition of the company.
Named as respondents are tycoon and former Senate president, Manuel B. Villar Jr., former Sen. Cynthia Villar, Cynthia J. Javarez, Manuel Paolo A. Villar, Sen. Camille Villar, Sen. Mark A. Villar, Ana Marie V. Pagsibigan, and Garth F. Castañeda.
The SEC also charged related firms Infra Holdings Corp. and MGS Construction, together with their officers and authorized signatories Virgilio B. Villar, Villar Jr.’s brother, Josephine R. Bartolome, Jerry M. Navarrete, and Joy J. Fernandez.
In the complaint filed, the Villar Land violated Section 24.1(d) and Section 26.3 of Republic Act No. 8799, or the Securities Regulation Code (SRC), “for making false or misleading statements and engaging in acts that operated as fraud or deceit upon investors.”
The SEC said Villar Land reported a sharp rise in its 2024 financials, with total assets reaching PHP 1.33 trillion. The company also posted a net income of PHP 999.72 billion, up from PHP 1.46 billion the year before, which it said was due to a revaluation of its real estate properties.
In the audited financial statements later submitted, it reflected that Villar Land’s total reported assets were at PHP 35.7 billion only. This is “significantly lower” compared to the earlier amount disclosed.
Moreover, the related entities in the complaint also allegedly engaged in “trading activities that created artificial demand and supported the price of Villar Land shares.”
SEC stated that Camille Villar participated in insider trading when she purchased 73,6000 shares of the company in December 2017, “shortly before the release of a corporate disclosure that resulted in an increase in the company’s share price.”
“Building investor confidence in the Philippines is crucial in driving the inclusive and sustainable growth of our capital market and business sector for national development,” SEC Chairperson Francis Lim said.
He added, “In this light, the SEC is firm in addressing fraudulent and manipulative acts that mislead the investing public and distort our capital markets. The Commission likewise enjoins publicly listed companies to uphold the highest standards of good corporate governance to help strengthen and sustain investor confidence badly needed by our capital markets.”
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