The Securities and Exchange Commission (SEC) has filed a criminal complaint against Villar Land Holdings Corp. and several of its executives for alleged market manipulation, insider trading, and misleading disclosures that affected the company’s share prices.
In a complaint submitted to the Department of Justice on Jan. 30, the regulator cited violations of Sections 24.1(d) and 26.3 of the Securities Regulation Code (SRC) for allegedly making false statements and engaging in acts that defrauded investors.
Those named in the complaint include Villar Land chair and former Senator Manuel “Manny” Villar Jr., former Senator Cynthia Villar, directors Cynthia Javarez and Manuel Paolo Villar, Senators Camille and Mark Villar, and independent directors Ana Marie Pagsibigan and Garth Castañeda.
Villar Land said it will respond to the allegations once it formally receives a copy of the complaint. “Villar Land and its directors will answer all the allegations leveled against them after formal receipt of the alleged complaint,” the company said in a statement.
The SEC also charged related firms Infra Holdings Corp. and MGS Construction, along with their officers, for alleged violations of Section 24.1(b) of the SRC, which prohibits price manipulation.
The case arose from the regulator’s review of Villar Land’s 2024 financial statements, which initially reported total assets of P1.33 trillion and net income of P999.72 billion—figures later revised to total assets of P35.7 billion after audit completion.
The SEC further alleged trading activities by related entities that supported the company’s share price artificially and cited an alleged insider trading transaction involving Camille Villar in 2017. Earlier, it revoked the accreditation of Villar Land’s property appraiser, E-Value Phils. Inc., imposing a P1-million fine for unreliable valuations.
In a statement, SEC Chair Francis Lim stressed the importance of accountability. “In this light, the SEC is firm in addressing fraudulent and manipulative acts that mislead the investing public and distort our capital markets,” he said, urging companies to uphold high standards of corporate governance to maintain investor confidence.