Villar denies SEC fraud charges

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February 4, 2026 | 12:00am

MANILA, Philippines — Real estate and retail tycoon Manuel “Manny” Villar Jr., whose Villar Land Holdings Corp. is in hot water for alleged market manipulation and insider trading, has denied being involved in any unauthorized practice to defraud investors.

In a statement in response to the criminal complaint filed by the Securities and Exchange Commission (SEC) against Villar Land, the former senator insisted that his company has “consistently upheld the highest standards of good corporate governance.”

“All our businesses and officers understand that corporate good governance is essential for building trust among investors and fostering sustainable growth. In fact, we welcomed and fully cooperated when the SEC began its fact-finding investigation,” he said.

Villar said his group is committed to transparency and compliance with existing rules and regulations being enforced by both the SEC and the Philippine Stock Exchange.

Further, he said they have consistently disclosed material developments and continue to coordinate with regulatory bodies regarding the company’s financial status.

“In all my years as an entrepreneur, from the time I helped my mother sell shrimps and fish in Divisoria to leading one of the most successful businesses in the country, I have never engaged in illegal practices designed to defraud customers and investors, or unduly benefit myself or the companies I own,” Villar said.

The SEC on Jan. 30 filed a criminal complaint against Villar Land, formerly known as Golden MV Holdings Inc., its related entities and their respective officers for market manipulation and insider trading.

The SEC charged Villar Land with violations of the Securities Regulation Code for making false or misleading statements and engaging in acts constituting fraud or deceit upon investors, claiming that the company’s disclosures distorted its share prices and misled the investing public.

Villar said Villar Land has yet to receive a copy of the SEC complaint with the Department of Justice the (DOJ).

“Hence, my knowledge is limited to what has been reported by various media outlets. I understand that the DOJ would now have to evaluate the complaint and determine if preliminary investigation will be warranted,” Villar said.

Villar, however, assured the public that Villar Land would respond to all the allegations in the proper forum.

“We will fully cooperate with an impartial investigation that fosters due process, protects the public’s welfare and ferrets out the truth,” Villar said.

“And, finally, I am confident that justice will prevail and I, my family and our companies will be exonerated of all these baseless charges,” he said.

Villar Land’s share price plunged by 8.85 percent to P608 apiece yesterday from the previous day’s P667. Its 52-week high is P933, while its 52-week low is P601.

The SEC’s charges stemmed from the commission’s investigation into Villar Land’s public disclosures and trading activities.

According to the SEC, Villar Land’s public disclosure of its 2024 financial statements reported a substantial increase in total assets to P1.33 trillion and net income of P999.72 billion from P1.46 billion in the previous year.

The company attributed the increase to a revaluation of its real estate holdings.

The SEC alleged that these figures were disclosed to the investing public before the completion of the company’s external audit.

The commission said that the company’s independent auditor subsequently clarified that the financial statements had not yet been fully audited, particularly with respect to the valuation of significant properties.

When the audited financial statements were later submitted, the SEC said Villar Land reported significantly lower amounts than those earlier disclosed, with total assets of only P35.7 billion.

The SEC’s complaint further alleged that related entities, including Infra Holdings and MGS Construction, engaged in trading activities that created artificial demand and supported the price of Villar Land shares.

Infra Holdings is owned by Virgilio Villar, the brother of Manny.