Villar denies wrongdoing amid SEC charges

MANILA, Philippines – Former senator and tycoon Manuel “Manny” Villar Jr. has rejected allegations of market abuse leveled against Villar Land Holdings Corp., saying neither he nor his companies have engaged in illegal practices. 

In a statement on Feb. 3, Villar said Villar Land Holdings Corp. has yet to receive the criminal complaint filed by the Securities and Exchange Commission with the Department of Justice over alleged false or misleading statements and acts that supposedly defrauded investors.

READ: SEC sues Villar Land for market manipulation, insider trading

Despite this, Villar said the group has consistently complied with regulatory requirements.

“Our company has consistently upheld the highest standards of good 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, adding that the group “fully cooperated” with the SEC in its fact-finding probe. 

Villar stressed that Villar Land remains “unequivocally committed to transparency and compliance” with rules enforced by the SEC and the Philippine Stock Exchange.

“I have never engaged in illegal practices designed to defraud customers and investors, or unduly benefit myself or the companies I own,” he added. 

Villar’s statement came after the SEC filed of a criminal complaint with the DOJ on Jan. 30 against Villar Land — formerly Golden MV Holdings Inc. — and several of its officers and related entities. 

Allegations leveled against the firm include market manipulation, insider trading and misleading disclosures that distorted the company’s share prices.

This case stems from the regulator’s review of Villar Land’s disclosures, including its unaudited 2024 financial statements, which reported total assets of P1.33 trillion and net income of P99.72 billion.

Audited statements, however, showed significantly lower asset figures of only P35.7 billion.