VILLAR Land Holdings Corp. on Monday said that it had been notified by the Department of Justice (DOJ) regarding a market manipulation complaint filed by the Securities and Exchange Commission (SEC).
The case is under preliminary investigation and DOJ spokesperson Polo Martinez on Monday was reported as saying that “subpoenas have been served upon the respondents.”
The SEC in January charged Villar Land, owned by the family of former Senate president Manuel Villar Jr., of manipulating the stock market, insider trading and issuing misleading disclosures.
Villar was charged along with his wife, former senator Cynthia Villar; their children, Manuel Paolo and sitting senators Mark and Camille; and other respondents.
The SEC complaint focuses on Villar Land’s unaudited 2024 financial statements, which reported a record net income of P999.72 billion — a sharp jump from the previous year’s P1.46 billion — following a P1.33-trillion land revaluation.
The firm’s auditor refused to sign off, and the company ultimately reported a P1.423-billion profit for the year.
The SEC also cited alleged price manipulation by related firms Infra Holdings Corp. and MGS Construction, as well as insider trading involving Camille Villar.
Villar Land said the DOJ notices were received on March 2, 2026, and Feb. 27, 2026, covering the complaint lodged by the SEC over alleged violations of the Securities Regulation Code.
The Villars have denied any wrongdoing. The DOJ investigation will determine if there is sufficient basis to file formal charges in court.
Villar Land shares, which plunged in the wake of the SEC complaint, on Monday closed unchanged at P579 apiece.
