Billionaire Manuel B. Villar denied allegations of price manipulation and insider trading filed by the Securities and Exchange Commission (SEC), describing the charges as baseless while vowing to defend his family’s business reputation.

Villar, the Philippines’ richest person, said in a statement on Tuesday, Feb. 3, that he has not yet received a formal copy of the complaint but is prepared to clear his name.

Last Jan. 30, the SEC filed a criminal complaint with the Department of Justice (DOJ) against Villar Land Holdings Corp., formerly known as Golden MV Holdings Inc., along with related entities and several members of the Villar family.

The regulator alleges the company issued misleading disclosures that distorted share prices and defrauded the investing public through exaggerated asset valuations.

“In all my years as an entrepreneur, from the time I helped my mother sell shrimps and fish in Divisoria to leading one of the most successful businesses in the country, I have never engaged in illegal practices designed to defraud customers and investors, or unduly benefit myself or the companies I own,” Villar said.

“I am confident that justice will prevail and I and my family and our companies will be exonerated of all these baseless charges,” he added.

The legal challenge centers on a massive discrepancy in Villar Land’s 2024 financial reporting. The company initially disclosed a surge in total assets to ₱1.33 trillion and a net income of ₱999.72 billion, a substantial jump from the ₱1.46 billion reported the previous year.

The SEC alleges these multi-billion peso figures were released to the public before the completion of an external audit, creating an artificial market environment. When the audited financial statements were eventually submitted, the company reported total assets of just ₱35.7 billion.

Villar Land, however, defended its reporting, stating it initially sought to reflect the fair market value of its 3,500-hectare “Villar City” properties. The company later reverted to a cost-basis valuation only to expedite the release of the audit following what it described as “varying requests” from its independent auditor.

While the SEC has moved forward with its filing, Villar noted that the lack of official documentation has left the company to piece together the case only from public reports.

“Hence, my knowledge is limited to what has been reported by various media outlets,” Villar said. “I understand that DOJ will now have to evaluate the complaint and determine if preliminary investigation will be warranted. I assure the public that Villar Land will respond to all these allegations in the proper forum, and that we will fully cooperate with an impartial investigation that fosters due process, protects the public’s welfare, and ferrets out the truth.”

The regulator’s complaint cites violations of the Securities Regulation Code, specifically targeting acts that operate as fraud or deceit and the making of false statements to induce the purchase or sale of securities.

Alongside the parent company, the SEC charged Infra Holdings Corp., MGS Construction, and executives including Virgilio B. Villar and Josephine R. Bartolome. The commission also highlighted an alleged insider trading transaction involving Senator Camille Villar.

Villar insisted that the group has consistently upheld high standards of corporate governance.

“All our businesses and officers understand that corporate good governance is essential for building trust among investors and fostering sustainable growth,” he said.

“In fact, we welcomed and fully cooperated when the SEC began its fact-finding investigation. We are unequivocally committed to transparency and compliance with existing rules and regulations being enforced by both the SEC and the Philippine Stock Exchange,” he added.

While the SEC maintains the disclosures were intended to manipulate the market, Villar noted the company “continues to coordinate with regulatory bodies regarding the status of our financials” and expects the legal process to ultimately prove the group’s innocence.