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Daphne Galvez - The Philippine Star
March 3, 2026 | 12:00am
Senator Mark Villar, former senator Manny Villar, Senator Camille Villar and former senator Cynthia Villar (from left) during the 2025 election campaign. The incumbent lawmakers and their parents are subjects of market manipulation, insider trading and disclosure shortcomings complaints related to their firm, Villar Holdings Corp., filed by the Securities and Exchange Commission.
PNA / Contributed photo
MANILA, Philippines — The Department of Justice (DOJ) said subpoenas have been served on the Villars in connection with complaints filed by the Securities and Exchange Commission (SEC) over alleged market manipulation, insider trading and misleading disclosures.
DOJ spokesperson Polo Martinez said the complaint would then proceed to the preliminary investigation stage after undergoing initial evaluation.
“Subpoenas have been served upon the respondents,” referring to Villar Land Holdings Corp. and its officers.
In January, the SEC accused Villar Land, formerly Golden MV Holdings Inc., of violating Republic Act 8799, or the Securities Regulation Code (SRC), “for making false or misleading statements and engaging in acts that operated as fraud or deceit upon investors.”
Among those named as respondents are: Villar Land chairperson Manuel Villar, former senator Cynthia Villar; and directors Cynthia Javarez, Manuel Paolo Villar, senators Camille Villar and Mark Villar, among others.
During the preliminary investigation, the DOJ will determine if there is merit to the allegations by the SEC and if it warrants the filing of a case in court.
“Of course, as a matter of procedure, all respondents will be given an opportunity to present their defenses,” Martinez said.
In a statement, Villar Land said it 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,” it added.
“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.
