Jauhn Etienne Villaruel

Manny Villar at the sidelines of the Makati Business Club Forum at the Makati, Shangri-La, March 07, 2019. Jonathan Cellona, ABS-CBN News

Article (news)

Villar

Benise Balaoing

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1755749717052cropped-20190307-makati-Manny VIllar-business-Trade-Makati Business Club-forum-Teresita Sy-Coson-JC-2936.jpg" style="width:960px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left">Manny Villar at the sidelines of the Makati Business Club Forum at the Makati, Shangri-La, March 07, 2019. Jonathan Cellona, ABS-CBN News</span></span></span></div><p>MANILA<strong> (2nd UPDATE) </strong>— The Securities and Exchange Commission (SEC) has fined Villar Land Holdings Corp. and its officers P12 million over the late submission of its audited financial statements.</p><div><a href="https://www.abs-cbn.com/news/business/2025/8/15/sec-looks-at-trillion-peso-value-of-villar-land-1804">SEC looks at trillion-peso value of Villar Land</a></div><p>In an order, the SEC&#x27;s Markets and Securities Regulation Department noted that Villar Land in September last year bought 366.34 hectares of land through the purchase of outstanding capital stock of Althorp Land Holdings Inc., Chalgrove Properties Inc., and Los Valores Corporation at P5.2 billion.</p><p>Villar Land said that at that time, it had already changed its accounting policy on its investment properties to fair value accounting. The 3 companies it bought out, however, were using a different external auditor. Villar Land decided to retain the external auditors, thinking it&#x27;s the more efficient arrangement.</p><p>The valuation was completed by February 11, 2025, and the financial statements of the 3 companies were incorporated by Villar Land into its own consolidated financial statements.</p><p>But on April 15, Villar Land asked the SEC to extend the deadline to submit its 2024 annual report to allow its external auditor Punongbayan &amp; Araullo &quot;to have adequate additional time to review and finalize the Company’s 2024 Financial Statements.&quot;</p><p>Villar Land said Punongbayan &amp; Araullo asked for another appraisal of the newly-acquired assets.</p><p>The SEC, however, said Villar Land&#x27;s explanation for the delay in the submission of its financial reports are without merit, because on March 28, it released a report saying its board of directors approved and authorized the release of financial statements for the year ended 31 December 2024.                                    </p><p>The company at that time was still known as Golden MV Holdings.</p><p>SEC said Golden MV Holdings reported that the purchase of the parcels of land were &quot;recorded in the books as investment properties and accounted for using the fair value method.&quot;</p><p>The securities regulator also noted that the March 28 report publicly made known the substantial fair value gains in company&#x27;s total assets because of value appreciation of certain properties, but these were later reported to still be pending final verification or audit.</p><p>&quot;This act or scheme could very well mislead the investing public,&quot; it said.</p><p>&quot;The effect of such disclosure to the investing public can be clearly seen in the volume turnover of the company’s shares in the market as, during the period of 25 March 2025 to 31 March 2025, the average volume turnover was at P2,112,808, while it was only P218,382.50 for the period 03 March 2025 to 24 March 2025,&quot; it added.</p><div><br/></div><div><strong>VILLAR LAND&#x27;S RESPONSE</strong></div><div><br/></div><p>In a statement, Villar Land said the company and its directors and officers &quot;welcome the opportunity to explain their side on the issues raised,&quot; adding that they will respond to the SEC’s order &quot;in due course.&quot;</p><p>Villar Land said that the delay in filing the pertinent documents was &quot;not due to the refusal of our external auditor to sign the 2024 Audited Financial Statements but because of said auditor’s varying requests for additional audit procedures to review the valuation of the properties acquired by Villar Land in Villar City.&quot;</p><p>The company also explained that &quot;it reluctantly proposed to the external auditors the use of cost basis in recording its properties&quot; in order to secure the &quot;immediate release of the 2024 Audited Financial Statements,&quot; noting that Villar Land &quot;firmly believes that it is the fair value of the Villar City properties that should be reflected in its financial statements.&quot;</p><p>Aside from the P12 million fine, the company was also fined P2,000 each for every day of delay reckoned from July 1 until submission of the 2024 annual report and quarterly report for the first quarter of 2025.</p><p>The officials, including former senators Manny and Cynthia Villar, sitting senators Camille and Mark Villar, and Paolo Villar were also asked to show cause why they should not be held liable administratively liable for violating the Securities Regulation Code and other laws within 10 days.</p><div><br/></div><div><strong>RELATED VIDEO</strong></div><div><br/></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/p0EEEtMvFXA?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>The Securities and Exchange Commission has fined Villar Land Holdings Corp. and its officers P12 million over the late submission of its audited financial statements.</p>

The Securities and Exchange Commission has fined Villar Land Holdings Corp. and its officers P12 million over the late submission of its audited financial statements.

SEC fines Villar Land over late submission of financial statements

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SEC fines Villar Land over late submission of financial statements

Benise Balaoing,

ABS-CBN News

Published August 21, 2025 12:15 PM PHT

|

Updated August 21, 2025 03:26 PM PHT

Read More:

SEC

Securities and Exchange Commission

Manny Villar

Camille Villar

Mark Villar

Golden MV Holdings

Paolo Villar

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