Villar Land: notified by DOJ on probe into case filed by SEC

Villar Land: notified by DOJ on probe into case filed by SEC

Villar Land: DOJ Subpoenas Family Amid SEC Probe into Alleged Market Manipulation

The Department of Justice (DOJ) has initiated a preliminary investigation into a criminal complaint filed by the Securities and Exchange Commission (SEC) against property developer Villar Land Holdings Corporation and its associated entities, including members of the Villar family. Subpoenas were served to company chairman Manuel Villar Jr., his wife, former Senator Cynthia Villar, and their children—Senators Mark and Camille Villar—as well as other executives and related companies.

The SEC alleges violations of the Securities Regulation Code, including market manipulation, insider trading, and misleading disclosures. Central to the complaint is Villar Land's 2024 financial report, which initially disclosed total assets of ₱1.33 trillion and net income of nearly ₱1 trillion—figures later revised to ₱35.7 billion after audit completion. The SEC claims the initial un-audited disclosures, attributed to a revaluation of real estate holdings in Villar City, triggered market volatility and misled investors.

The complaint further accuses related companies—such as Infra Holdings Corporation and MGS Construction—of engaging in trading activities to artificially inflate Villar Land's share price. Senator Camille Villar is also alleged to have participated in insider trading ahead of a 2017 corporate disclosure.

Villar Land maintains it has "consistently upheld the highest standards of corporate governance" and cooperated with the SEC's initial investigation. In a February 3 statement, Manuel Villar Jr. emphasized the company's commitment to transparency and compliance with regulatory requirements. The family has pledged to respond to the allegations "in the proper forum" once they receive the full complaint.

The DOJ will assess the merits of the SEC's allegations, with all respondents granted an opportunity to present their defenses. The case underscores regulatory scrutiny over corporate disclosures and market integrity in the Philippine stock market.

(https://www.rappler.com/business/sec-complaint-vs-villar-family-undergo-preliminary-investigation-subpoenas-served/): Rappler, March 2, 2026.
(https://www.gmanetwork.com/news/money/companies/978418/doj-sends-subpoenas-to-villars-over-sec-complaint/story/): GMA News Online, March 2, 2026.