Manila: The Department of Justice (DOJ) has issued subpoenas to officials of Villar Holdings Corp. in response to complaints concerning market manipulation, insider trading, and disclosure issues raised by the Securities and Exchange Commission (SEC). The DOJ announced that it is calling on these officials to present their side of the story as part of a preliminary investigation into potential violations of the Securities Regulation Code.
According to Philippines News Agency, the DOJ received a complaint from the SEC against Villar Holdings Corp. and its affiliates. DOJ spokesperson Polo Martinez confirmed that the investigation would assess whether the allegations have any merit. The complaint specifically names former senator and Villar Land chair Manuel Villar Jr., former senator Cynthia Villar, and directors Cynthia Javarez, Manual Paolo Villar, Senator Camille Villar, and Senator Mark Villar as respondents.
Martinez emphasized that the DOJ is committed to an impartial evaluation of the case, ensuring that decisions are based solely on evidence and legal standards. He reiterated the department's commitment to fairness and impartiality, stating that they do not favor or target any individual, but rather pursue justice based on the facts.
The SEC initially filed a criminal complaint in January against Villar Land and its associated entities and officers, accusing them of manipulating the market and misleading investors. The complaint alleges that the company distorted its share prices and misled investors by delaying the release of audited assets, which led to a surge in share prices.
The SEC's investigation revealed that the company prematurely disclosed its 2024 financial statement, claiming assets worth PHP1.33 trillion. However, after the adjusted audited report, the total assets were found to be only PHP35.7 billion.
