Criminal raps filed against Manny Villar and his family.
The Securities and Exchange Commission has filed criminal complaints against Manny Villar and his family, and the Villar Land Holdings Corp.
On Saturday, the Securities and Exchange Commission (SEC) said that it has filed a criminal complaint against Villar Land Holdings Corp and its officers.
The Villar Land Holdings Corporation (VLC), previously called Golden MV Holdings, along with several members of the Villar group, is facing a criminal complaint over alleged market manipulation, insider trading, and dissemination of materially misleading disclosures.
Named as respondents are tycoon and former Senate president, Manuel B. Villar Jr., former Sen.
Cynthia Villar
, Cynthia J. Javarez, Manuel Paolo A. Villar, Sen.
Camille Villar
, Sen. Mark A. Villar, Ana Marie V. Pagsibigan, and Garth F. Castañeda.
The SEC also charged related firms Infra Holdings Corp. and MGS Construction, together with their officers and authorized signatories Virgilio B. Villar, Villar Jr.’s brother, Josephine R. Bartolome, Jerry M. Navarrete, and Joy J. Fernandez.
In the complaint filed, the Villar Land violated Section 24.1(d) and Section 26.3 of Republic Act No. 8799, or the Securities Regulation Code (SRC), “for making false or misleading statements and engaging in acts that operated as fraud or deceit upon investors.”
In the audited financial statements later submitted, it reflected that Villar Land’s total reported assets were at PHP 35.7 billion only. This is “significantly lower” compared to the earlier amount disclosed.
SEC Chairperson Francis Lim said.
He added,