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Manila Bulletin devider Business devider The Stock Market devider Villar group confident legal process will clear market manipulation charges

Villar group confident legal process will clear market manipulation charges

Published Mar 2, 2026 06:30 pm
Villar Land Chairman Manny Villar Jr.
Villar Land Chairman Manny Villar Jr.
Villar Land Holdings Corp. and its directors have expressed full confidence that an impartial legal review will clear them of allegations involving market manipulation and insider trading following the issuance of subpoenas by the Department of Justice (DOJ).
In a press statement on Monday, March 2, the company and its board of directors noted that they welcome the opportunity to explain their side and respond to the allegations in the complaint at the proper forum.
The Villar Land added that the firm is fully prepared to cooperate with the proper authorities and is confident that an impartial panel will find that no violation of law was committed.
“Villar Land and its directors welcome the opportunity to explain their side and respond to the allegations in the complaint at the proper forum,” it said. “The Company and its directors are fully prepared to cooperate with the proper authorities and are confident that an impartial panel will find that no violation of law was committed.”
The legal proceedings stem from the complaint filed by the Securities and Exchange Commission (SEC) against Villar Land chairman Manny Villar Jr., former senator Cynthia Villar, and their children, Senators Mark and Camille Villar and Manuel Paolo Villar.
DOJ Spokesperson Raphael Niccolo L. Martinez confirmed on Monday, March 2, that subpoenas had been served on the respondents, including Infra Holdings Corp. and several independent directors. Martinez added that the preliminary investigation is set to begin on March 16 to determine if the case has merit.
Villar Land previously defended its financial reporting, which became the subject of SEC scrutiny after a discrepancy in the company’s 2024 filings. The firm initially reported total assets of ₱1.33 trillion and a net income of ₱999.72 billion, citing a revaluation of its real estate holdings.
The company noted that it shifted from “fair value” to “cost basis” for its Villar City properties to expedite the release of its financial statements following auditor delays.
The SEC, however, alleged that these figures were released before an external audit was finalized and that assets later plummeted to ₱35.7 billion in the audited version.
The regulator also alleged that related entities linked to Virgilio B. Villar, such as MGS Construction, engaged in activities to create artificial demand. Furthermore, the SEC accused Camille A. Villar of insider trading regarding a 2017 share purchase.
SEC Chairman Francis Lim noted that the commission remains firm in addressing acts that mislead the investing public.
Martinez noted that all respondents will be given an opportunity to present their defenses as a matter of procedure.
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