BILLIONAIRE businessman Manuel Villar Jr. on Tuesday denied charges of market abuse, calling charges filed by the Securities and Exchange Commission (SEC) as baseless and expressing confidence that his companies and family would be cleared.
Villar, a former Senate president and also previously the richest man in the country, issued a statement responding to a criminal complaint filed by the SEC, which alleged that Villar Land Holdings Corp., its officers and related firms had engaged in market manipulation and insider trading.
Charged along with Villar were his wife Cynthia, a former senator, children Manuel Paolo and sitting Senators Mark and Camille, and other individuals.
“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 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,” he added.
“[F]inally, I am confident that justice will prevail, and I and my family and our companies will be exonerated of all these baseless charges.”
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 that the firm’s auditor refused to accept.
Trading in the company’s shares was suspended for several months last year, and Villar Land was also heavily fined for failing to submit audited financial statements.
The SEC has also cited alleged price manipulation by related firms Infra Holdings Corp. and MGS Construction to drive up Villar Land’s shares, as well as insider trading involving Camille Villar over share purchases made just before a diversification move.
“[O]ur company has consistently upheld the highest standards of good corporate governance,” Villar said.
“All our businesses and officers understand that corporate good governance is essential for building trust among investors and fostering sustainable growth. In fact, we welcomed and fully cooperated when the SEC began its fact-finding investigation,” he added.
“[M]ay I repeat again that we are unequivocally committed to transparency and compliance with existing rules and regulations being enforced by both the SEC and the Philippine Stock Exchange. We have consistently disclosed material developments and continue to coordinate with regulatory bodies regarding the status of our financials.”
He reiterated Villar Land’s claim on Monday that it had yet to receive a copy of the SEC complaint and that his knowledge of the matter was limited to what was in the news.
“I understand that [the] DOJ (Department of Justice) will now have to evaluate the complaint and determine if preliminary investigation will be warranted,” Villar said.
Villar Land shares continued to fall on Tuesday, dropping 8.85 percent, or P59, to P608 apiece. It had fallen 28.51 percent on Monday as investors digested weekend news of the SEC complaint.
The benchmark Philippine Stock Exchange index, meanwhile, gained 1.67 percent at the close.
