Former senator and businessman Manuel “Manny” Villar Jr. has pushed back against accusations of market abuse involving Villar Land Holdings Corp., asserting that neither he nor the companies under his control have committed unlawful acts.
In a statement released on Feb. 3, Villar said the firm has not yet been formally served with the criminal complaint that the Securities and Exchange Commission submitted to the Department of Justice. The case relates to allegations that the company issued false or misleading information that may have harmed investors.
Even without receipt of the complaint, Villar maintained that the group has met its obligations as a regulated entity and complied with the requirements of oversight bodies. He said Villar Land and its officers participated in the SEC’s fact-finding process and did not obstruct the regulator’s review.
“Our company has consistently upheld the highest standards of good corporate governance. All our businesses and officers understand that corporate good governance is essential for building trust among investors and fostering sustainable growth,” Villar said. He also stated that the company “fully cooperated” with the SEC during its inquiry.
Villar further emphasized that Villar Land continues to adhere to disclosure and compliance rules implemented by the SEC and the Philippine Stock Exchange, describing the group’s position as one of full transparency.
“I have never engaged in illegal practices designed to defraud customers and investors, or unduly benefit myself or the companies I own,” he said.
The remarks followed the SEC’s filing on Jan. 30 of a criminal case before the DOJ against Villar Land, formerly known as Golden MV Holdings Inc., as well as several corporate officers and related entities. The regulator cited suspected market manipulation, insider trading, and disclosures it said may have misled the investing public and affected share prices.
According to the SEC, its action was based in part on discrepancies found during a review of the company’s disclosures, including unaudited 2024 financial statements that listed total assets of P1.33 trillion and net income of P99.72 billion, figures that contrasted sharply with audited records showing assets of P35.7 billion.
