Businessman Manuel B. Villar Jr. said his company followed all rules and regulations and rejected allegations of market manipulation, stressing that transparency and regulatory compliance are central to its operations.
In a statement, Villar said Villar Land Holdings Corp. has consistently observed good corporate governance and fully cooperated when the Securities and Exchange Commission (SEC) launched a fact-finding probe. He said the company regularly discloses material information and coordinates with both the SEC and the Philippine Stock Exchange on its financial status.
Villar said he has never engaged in illegal or fraudulent practices in his years as an entrepreneur and vowed that the company will address the allegations in the proper legal forum. He added that Villar Land will cooperate with any impartial investigation and is confident the charges will be dismissed.
The company said it has not yet received a copy of the SEC complaint filed with the Department of Justice (DOJ) and is relying on media reports for now. Villar noted that the DOJ will still determine whether a preliminary investigation will proceed.
The SEC filed a complaint on January 30 accusing Villar Land, formerly Golden MV Holdings Inc., and its officers of violating the Securities Regulation Code by allegedly making false or misleading statements and engaging in acts that could deceive investors. Several members of the Villar family, company directors, and related firms were named in the complaint.
SEC chairman Francis E. Lim said the case underscores the regulator’s role in protecting investors and maintaining confidence in the capital market. He said the commission remains firm in acting against fraudulent and manipulative practices and urged listed companies to uphold high standards of corporate governance, which are critical to market integrity and sustainable economic growth.
