THE filing of a criminal complaint against Villar Land Holdings Corp. and its officers for alleged market manipulation and misleading financial disclosures could have immediate repercussions on investor confidence and market activity, an analyst said.
The Securities and Exchange Commission (SEC) on Saturday said that it had filed the complaint with the Department of Justice over violations of the Securities Regulations Code.
Among those charged were former Senate president Manuel Villar, his wife Cynthia – a former senator — and their children, Manuel Paolo and sitting senators Mark and Camille.
Investment & Capital Corp. of the Philippines President and COO Manny Ocampo said the case could have a “very negative impact” on Villar Land shares and market sentiment.
“Not sure if the PSE will suspend trading tomorrow and await the company’s reply,” he noted.
The Villar family, based on reports, said the company and its officials would respond once the complaint was formally received.
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.
Further, the regulator highlighted regulatory action taken against Villar Land’s property appraiser, E-Value Phils. Inc., whose accreditation was revoked.
The company’s shares, which traded above P2,100 apiece before a suspension was ordered in May, plunged to around P500 in November as trading resumed. They closed at P933 apiece on Friday.
SEC Chairman Francis Lim said the filing was part of the regulator’s broader effort to safeguard market integrity.
“Building investor confidence in the Philippines is crucial in driving the inclusive and sustainable growth of our capital market and business sector for national development,” he said.
“In this light, the SEC is firm in addressing fraudulent and manipulative acts that mislead the investing public and distort our capital markets,” Lim added.
