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Manila Bulletin devider Business devider The Stock Market devider Villar Family sued by SEC over ₱1.3-trillion asset claim

Villar Family sued by SEC over ₱1.3-trillion asset claim

Published Jan 31, 2026 04:42 pm
The Securities and Exchange Commission (SEC) filed criminal charges against Villar Land Holdings Corp., its top executives, and related entities for alleged market manipulation and insider trading.
In a complaint filed with the Department of Justice on Jan. 30, the regulator accused the company of violating the Securities Regulation Code by issuing misleading disclosures that distorted share prices and deceived the investing public.
The charges name Manuel B. Villar Jr., the company’s chairman and the Philippines’ richest man, as a respondent alongside former Senator Cynthia A. Villar and their children: Manuel Paolo, Camille, and Mark. Independent directors and other officers were also included in the filing.
The investigation centered on a massive discrepancy in Villar Land’s 2024 financial reporting. The company initially disclosed total assets of ₱1.33 trillion and a net income of ₱999.72 billion—a staggering jump from the ₱1.46 billion earned a year earlier. Villar Land attributed the growth to revaluation of its real estate holdings.
However, the SEC alleged these figures were released before an external audit was finalized. When the audited statements were eventually submitted, total assets plummeted to ₱35.7 billion, a fraction of the initial claim.
Villar Land defended its reporting, stating it reluctantly shifted from “fair value” to “cost basis” for its Villar City properties to expedite the release of its financial statements following auditor delays. The company and its directors said they would address the allegations once they formally receive the complaint.
The SEC’s complaint further alleges that related entities, including Infra Holdings Corp. and MGS Construction, engaged in trading activities designed to create artificial demand for Villar Land shares.
These firms are linked to Virgilio B. Villar, the chairman's brother. Additionally, the regulator accused Camille A. Villar of insider trading for purchasing 73,600 shares in December 2017, allegedly ahead of a price-sensitive disclosure.
“The SEC is firm in addressing fraudulent and manipulative acts that mislead the investing public and distort our capital markets,” SEC Chairman Francis Lim said in a statement. He said that building investor confidence is essential for the sustainable growth of the country’s business sector. (James A. Loyola)

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