DOJ issues subpoenas in Villar Land probe
MANILA, Philippines — The Department of Justice has issued subpoenas to members of the Villar family and other respondents in connection with a complaint filed by the Securities and Exchange Commission against Villar Land Holdings Corp.
In a message to reporters, DOJ spokesperson Polo Martinez said a preliminary investigation will proceed on the complaint lodged by the SEC in January over the company's alleged violations of the Securities Regulation Code.
"The DOJ will determine if there is merit to the allegations by the SEC. Of course, as a matter of procedure, all respondents will be given an opportunity to present their defenses," Clavano said.
Subpoenas were served on Villar Land chairperson Manuel Villar, former Sen. Cynthia Villar, Manuel Paolo Villar, Sen. Mark Villar and Sen. Camille Villar.
SEC allegations
The SEC accused Villar Land, formerly Golden MV Holdings Inc., of violating Section 24.1(d) and Section 26.3 of Republic Act No. 8799, or the Securities Regulation Code, for allegedly making false or misleading statements and engaging in acts that operated as fraud or deceit on investors.
According to the regulator, the company released information that distorted its share price.
The complaint centers on a 2024 disclosure in which Villar Land reported income of more than P999 billion, citing higher property valuations.
The SEC said the figures were disclosed to the public before they were officially audited.
Media reports later cited the company's independent auditor as acknowledging that portions of the financial statements, particularly those involving property values, had not yet been fully vetted.
The DOJ will determine whether probable cause exists to file charges.
Villar Land's response
In a separate statement, the Villar firm said that it will cooperate with authorities with the investigation.
"Villar Land and its directors welcome the opportunity to explain their side and respond to the allegations in the complaint at the proper forum. The Company and its directors are fully prepared to cooperate with the proper authorities and are confident that an impartial panel will find that no violation of law was committed," Villar Land said.
"In view of the ongoing preliminary investigation by the DOJ, the Company and its directors will refrain from making further statements on the matter at this time," it added.
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