Villar Land prepares answer to SEC charges

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February 2, 2026 | 12:00am

MANILA, Philippines — Villar Land Holdings Corp., formerly Golden MV Holdings Inc., has committed to address allegations on market manipulation and insider trading of the company and its directors.

“Villar Land and its directors will answer all the allegations leveled against them after formal receipt of the alleged complaint,” the company said in a statement.

Villar Land was referring to the criminal complaint filed by the Securities and Exchange Commission (SEC) on Jan. 30 against the company, 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 (SRC) for making false or misleading statements and engaging in acts that operated as fraud or deceit upon investors.

The commission claimed that Villar Land’s disclosures distorted the company’s share prices and misled the investing public.

The SEC likewise charged related entities Infra Holdings Corp. and MGS Construction, together with their officers and authorized signatories  for alleged violations of the SRC.

In a statement over the weekend, SEC chairperson Francis Lim said that building investor confidence in the Philippines is crucial in driving the inclusive and sustainable growth of the capital market and business sector for national development.

“In this light, the SEC is firm in addressing fraudulent and manipulative acts that mislead the investing public and distort our capital markets. The commission likewise enjoins publicly listed companies to uphold the highest standards of good corporate governance to help strengthen and sustain investor confidence badly needed by our capital markets,” he said.

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

According to the commission, 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 increase was attributed by the company to a revaluation of its real estate holdings.

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

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

The SEC likewise cited regulatory findings involving Villar Land’s property appraiser.

Last November, the SEC revoked the accreditation of E-Value Phils. Inc. and imposed a P1-million fine after determining that its valuation reports, used in support of Villar Land’s asset revaluation, were unreliable.