The Securities and Exchange Commission (SEC) has issued a show cause order to E-Value Phils. Inc., the asset appraiser of Villar Land Holdings Corp., over concerns on the valuation of several properties under the Villar group.
In a letter dated September 29, the SEC’s Office of the General Accountant directed E-Value to justify why it should not face penalties for its appraisal of assets held by Althorp Land Holdings Inc., Chalgrove Properties Inc., and Los Valores Corporation — all under Villar Land.
The order follows special onsite inspections to check compliance with SEC Memorandum Circular No. 2, Series of 2014, and international valuation standards.
This is part of the SEC’s broader investigation into Villar Land Holdings, whose trading remains suspended at the Philippine Stock Exchange. In August, the regulator slapped the company and its 11-member board with a P12 million administrative fine for repeated delays in filing audited financial statements for 2024 and Q1 2025.
The SEC said it would continue its probe in the interest of transparency and accountability, while maintaining confidentiality of proceedings.
Villar Land has acknowledged the order and said it will respond accordingly, claiming that the delay was due to additional audit procedures requested by its external auditor — not a refusal to sign the financial statements.
