A legal battle involving one of the Philippines’ most prominent political dynasties moved forward Monday when members of the Villar family appeared before the Department of Justice to submit their counter-affidavits in response to a Securities and Exchange Commission complaint targeting Villar Land Holdings Corp.
Senators Mark and Camille Villar, along with their brother Paolo — all of whom sit on the Villar Land board — personally filed their statements at the DOJ’s Manila office on April 20 before leaving the premises shortly after. Their parents, former senator Manuel Villar, who chairs Villar Land, and former senator Cynthia Villar, submitted their own verified motion and manifestation through a notary public in Las Piñas.
The SEC complaint, filed earlier, accuses Villar Land, Infra Holdings, and MGS Construction of violating the Securities Regulation Code by allegedly making false and misleading statements and engaging in acts that defrauded investors. Infra Holdings is owned by Manuel’s brother Virgilio, who submitted his own statement to the DOJ on April 8.
Counsel Robel Lomibao of the Picazo Buyco Tan Fider Santos & Dee law firm, representing Villar Land, told reporters the family is committed to the process. “We have told the DOJ panel we will fully cooperate for a fair and impartial investigation grounded in due process,” he said, adding in Filipino that their prayer is for the panel to rule in their favor and dismiss the cases.
Mark Villar’s lawyer, Rhegine Peralta-Abrera, was categorical in defending her client. “All his actions were made in good faith, and there is absolutely no evidence of fraud or intent to fraud,” she said. She added that his decisions as a director were grounded in independent valuations and an obligation to maintain transparency.
The next scheduled hearing is May 13, when the SEC is expected to respond to the counter-affidavits. Senior Deputy State Prosecutor Peter Ong said the proceedings will center on disclosures made by Villar Land director Cynthia Javarez regarding communications between the company and auditing firm Punongbayan & Araullo.
“At the minimum, I will conduct a clarificatory hearing on the arguments raised by Cynthia Javarez vis-a-vis Punongbayan & Araullo. It has something to do with the P1 trillion fair valuation of the investment on properties na na-reduce into P1 billion na lang, bumaba net income nila from P999 billion na naging P1.4 billion. So there are Viber or text messages between Villar Land and Punongbayan na pino-point ni Cynthia Javarez, so I just need to be clarified from Punongbayan & Araullo,” Ong told reporters.
