Villar Land Holdings Corp. said Monday that it and several of its directors have been formally notified by the Department of Justice over a complaint filed by the Securities and Exchange Commission alleging market manipulation.
In a statement, the company said it welcomes the chance to answer the allegations in the proper forum. Villar Land said its directors are prepared to cooperate with authorities and expressed confidence that an impartial review will show no laws were broken. The firm added it will not issue further comments while the DOJ conducts a preliminary investigation.
The SEC accused Villar Land of violating the Securities Regulation Code by making false or misleading statements and committing acts that allegedly defrauded or deceived investors.
Those named in the complaint include Villar Land chairman and former senator Manuel B. Villar Jr., former senator Cynthia A. Villar, directors Cynthia J. Javarez, Manuel Paolo A. Villar, Camille A. Villar, and Mark A. Villar, as well as independent directors Ana Marie V. Pagsibigan and Garth F. Castañeda.
The SEC also charged related firms Infra Holdings Corp. and MGS Construction, along with several of their officers and authorized signatories.
SEC chairman Francis E. Lim said maintaining investor confidence is key to the country’s capital market growth. He said the commission is committed to addressing fraudulent and manipulative acts and urged listed companies to uphold high standards of corporate governance.
