Real estate tycoon Manuel B. Villar Jr. on Monday denied allegations of market manipulation and insider trading after the Securities and Exchange Commission (SEC) filed a criminal complaint against his company, Villar Land Holdings Corp., and several family members.
In a statement issued February 3, Villar maintained that the group has consistently adhered to regulatory requirements and upheld “the highest standards of good corporate governance.”
He stressed that he has never engaged in illegal practices intended to defraud investors or benefit himself and his companies.
The SEC’s complaint, filed with the Department of Justice (DOJ) on January 30, centers on allegations that Villar Land—formerly Golden MV Holdings Inc.—issued misleading financial disclosures that distorted its share price.
Specifically, the regulator pointed to the company’s 2024 unaudited financial statements, which reported total assets of ₱1.33 trillion.
However, subsequent audited reports showed total assets of only ₱35.7 billion.
The SEC also named several of Villar’s family members as respondents, including former Senator Cynthia Villar and current Senators Mark and Camille Villar.
The regulator further alleged that related entities, Infra Holdings Corp. and MGS Construction, participated in trading activities that created artificial demand for Villar Land shares.
Villar noted that his group has “fully cooperated” with the SEC during its fact-finding investigation and plans to formally address the allegations once a copy of the complaint is received.
The Department of Justice confirmed on Monday that the complaint is currently undergoing evaluation to determine if there is sufficient evidence to proceed with a preliminary investigation.