The Securities and Exchange Commission (SEC) has filed a criminal complaint against Villar Land Holdings Corp. and its top executives, including billionaire Manuel Villar, over allegations of market manipulation, insider trading, and the release of misleading financial disclosures.
The complaint, filed with the Department of Justice on January 30, alleges that the company engaged in fraudulent acts that “distorted share prices and misled the investing public.”
According to the SEC, the controversy stems from Villar Land’s 2024 financial disclosures.
The company initially reported total assets of ₱1.33 trillion and a net income of ₱999.72 billion—a massive jump from the ₱1.46 billion recorded the previous year. Villar Land attributed the growth to a revaluation of its real estate holdings.
However, the SEC noted that these figures were released before an external audit was completed.
In the subsequent audited financial statements, the company’s reported assets dropped to ₱35.7 billion, a figure the commission described as “significantly lower” than the initial disclosure.
The SEC also named several high-profile respondents in the complaint, including chairperson Manuel Villar, former senator Cynthia Villar, and their children: Manuel Paolo, Camille, and Mark Villar. Independent directors Ana Marie Pagsibigan and Garth Castañeda were also included.
Specific allegations of insider trading were leveled against Camille Villar. The SEC claims she purchased 73,600 shares in December 2017 just days before a corporate disclosure that triggered a surge in the company’s stock price.
Furthermore, the SEC cited findings against the company’s property appraiser, E-Value Phils Inc., whose accreditation was revoked and who was fined ₱1 million for providing “unreliable valuation reports.”
“The SEC is firm in addressing fraudulent and manipulative acts that mislead the investing public and distort our capital markets,” SEC Chairperson Francis Lim said in a statement.
“We enjoin publicly listed companies to uphold the highest standards of good corporate governance.”
In response, the Villar-led group issued a brief statement confirming they are aware of the filing.
“Villar Land and its directors will answer all the allegations leveled against them after formal receipt of the alleged complaint,” the company said.
Villar Land, formerly known as Golden MV Holdings Inc., is one of the largest real estate developers in the Philippines.