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Manila Bulletin devider Philippines devider National devider DOJ starts March 16 probe on SEC's complaint vs Villar Land Holdings, affiliated firms, owners

DOJ starts March 16 probe on SEC's complaint vs Villar Land Holdings, affiliated firms, owners

Published Mar 15, 2026 11:45 am

At A Glance

The preliminary investigation on the complaint filed by the Securities and Exchange Commission (SEC) against Villar Land Holdings Corp., its affiliated companies and owners will start on Monday, March 16.
The formal probe, which will be conducted by a panel of prosecutors of the Department of Justice (DOJ), will determine if the complaint will be dismissed or if charges will be filed in court.
Named in the complaint for market manipulation and insider trading aside from Villar Land Holdings were the MGS Construction, Inc.; Villar Land Holdings chairman and former senator Manny Villar and his wife, former senator Cynthia Villar; the couple’s children Sen. Mark Villar, Sen. Camille Villar, and Manuel Paolo Villar; Infra Holdings Corp.; Jerry Navarrete; and Cynthia Javares, among others.
DOJ Spokesperson Raphael Niccolo L. Martinez had earlier said the subpoenas requiring the respondents to appear before the panel on March 16 had been sent out.
“After undergoing initial evaluation, the complaint lodged by the SEC against Villar Holdings Corp. et al with the DOJ will proceed with the preliminary investigation for alleged violations of the Securities Regulation Code,” Martinez said.
The SEC filed the complaint after an investigation into the discrepancy in Villar Land Holdings’ 2024 financial reporting.
It said 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 Holdings 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, it also said.
Villar Land Holdings 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 alleged 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 as he pointed out that building investor confidence is essential for the sustainable growth of the country’s business sector.
Earlier, Villar Land Holdings and its directors had expressed full confidence that an impartial legal review will clear them of allegations involving market manipulation and insider trading.
In a press statement issued early this month, the firm and its directors said that they welcome the opportunity to explain their side and respond to the allegations in the complaint at the proper forum.
The firm also said that it 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.
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