The Securities and Exchange Commission (SEC) has imposed a ₱12-million fine on Villar Land Corp. (formerly Golden MV Holdings Inc.) and its 11-member board of directors for repeatedly failing to submit timely financial reports.
In an order from its Market and Securities Regulation Department, the SEC found the company and its board “administratively liable for gross negligence or bad faith” after missing deadlines for the 2024 annual and Q1 2025 financial statements. Each director and the company were fined ₱1 million, with additional daily penalties of ₱2,000 for every day of delay since 1 July.
The sanction impacts top company executives, including chairman Manuel B. Villar Jr., three of his children on the board, president Cynthia J. Javarez, and other key officers such as the CFO, CIO, and compliance officer.
The SEC rejected Villar Land’s explanation that the delay resulted from extended audit procedures related to the complex valuation of newly acquired Villar City properties. The commission emphasized that “timely submission of financial reports is mandatory and non-negotiable,” noting that the company failed to coordinate adequately with its external auditor, Punongbayan and Araullo.
Villar Land acquired over 366 hectares of land through three subsidiaries in late 2024, which led to valuation discrepancies as the acquired companies used different auditors. These varying valuations—ranging from ₱8.6 billion to over ₱1.3 trillion—caused delays in finalizing the financial statements.
Despite eventually securing auditor approval for the lowest valuation figures, the SEC maintained that proper planning and earlier engagement with auditors could have avoided the delays. The commission reiterated that compliance with reporting deadlines is a core regulatory duty.
Villar Land said it would respond to the SEC’s findings in due course and maintained that it acted in good faith throughout the audit process.
