The Philippines Securities and Exchange Commission (SEC) has filed a complaint with the Department of Justice (DOJ) accusing Villar Land – linked to mogul Manuel Villar Jr. – of market manipulation and insider trading that boosted the company’s share price.
The SEC claims that the company also provided false or misleading statements and attempting to defraud investors.
Amongst those named is Manuel Villar Jr. himself, Cynthia Villar, company directors Cynthia Javarez, Manuel Paolo Villar, Senators Camille Villar and Mark Villar and independent directors Ana Marie Pagsiban and Garth Castañeda, reports the Inquirer.
Villar Land told the publication that ‘its directors will answer all the allegations leveled against them after formal receipt of the alleged complaint’.
The complaint comes after an SEC investigation into Villar Land’s disclosures and trading, with the watchdog questioning a reevaluation of its real estate holdings, alleging that the valuations were significantly higher than figures revealed after an audit.
The SEC alleges that related entites had engaged in trading to create demand and prop-up the company’s share price.
In a Saturday statement, SEC Chairman Francis Lim noted that “the SEC is firm in addressing fraudulent and manipulative acts that mislead the investing public and distort our capital markets”.
Villar had previously been in talks with junket group Dowinn for the development of a large-scale real estate development in Manila featuring casinos, however the deal eventually fell through.
