Camille Naredo

Article (news)

Villar Land

Adrian Ayalin

Benise Balaoing

ABS-CBN News

MANILA (UPDATED) -- Members of the Villar family sought the dismissal of the complaints filed by the Securities and Exchange Commission (SEC) before the Department of Justice (DOJ), over allegations that they distorted the company&#x27;s share prices and misled the investing public. In the continuation of the preliminary investigation conducted by the panel of prosecutors led by Senior Deputy State Prosecutor Peter Ong, senators Mark and Camille and their brother Manuel Paolo appeared before the panel as they submitted their counter-affidavits.Former senators Manny and Cynthia, however, did not appear and instead submitted a manifestation which Ong said will be considered as their counter-affidavits. Villar Land legal counsel Atty. Robel Lomibao said the family maintains that they did not commit any wrongdoing as they prayed for the dismissal of the complaints.&quot;Iyon po ang aming panalangin, iyon po ang aming hangad, sana po sa dulo ay mapanigan kami ng panel at madismiss ang kaso laban sa kanila,&quot; Lomibao said. The Villars, as well as their co-respondents, are facing complaints of market manipulation, insider trading and misleading disclosures. The complaints stemmed from the disclosure made by Villar Land of its 2024 financial statements reporting P1.33 trillion in total assets, ahead of the completion of an external audit of the company.In the audited financial statements that followed, Villar Land&#x27;s total reported assets were at P35.7 billion only, &quot;significantly lower&quot; compared to the earlier amount disclosed according to the SEC.<div><a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2026/3/16/villar-land-officials-seek-return-of-complaints-to-sec-for-probable-cause-determination-1845">READ: Villar Land officials seek return of complaints to SEC for probable cause determination</a></div><div><a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2026/3/2/villars-ordered-to-appear-before-doj-on-market-manipulation-insider-trading-complaint-1316">READ: Villars ordered to appear before DOJ on market manipulation, insider trading complaint</a></div>Senator Mark&#x27;s legal counsel, Atty. Rhegine Peralta-Abrera assured that the senator is confident that with a fair review of facts by the panel of prosecutors, the charges have no basis. &quot;The stand is that he performed the action in good faith as director and this was based on independent valuations and again to comply with the duty to ensure transparency,&quot; Peralta-Abrera said.Ong, for his part, assured the parties of a fair evaluation of the case. &quot;Wala pong nagdidikta sa amin, kung ano ang tama, tama. Ang mali, mali. Kung may masasaktan wala kaming magagawa but we just have to do our job,&quot; Ong said.The preliminary investigation will resume on May 13 with the submission of the reply of SEC to the counter-affidavits of the respondents.The Securities and Exchange Commission (SEC) in January filed a case against Villar Land, alleging that the violations &quot;distorted the company&#x27;s share prices and misled the investing public.&quot;Villar Land, in its public disclosure of its 2024 financial statements, reported a substantial increase in total assets to P1.33 trillion, the SEC said. It also reported a net income of P999.72 billion from just P1.46 billion the previous year, which the company attributed to a revaluation of its real estate holdings, it added.The SEC said these figures were reported before the completion of the external audit.In the audited financial statements, which were later submitted, Villar Land&#x27;s total reported assets were at <a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2025/11/14/villar-land-assets-valuation-falls-to-p35-7-billion-in-audited-annual-report-1630" rel="noopener noreferrer" target="_blank">P35.7 billion</a> only, &quot;significantly lower&quot; compared to the earlier amount disclosed.The SEC said that the related entities in the complaint allegedly engaged in &quot;trading activities that created artificial demand and supported the price of Villar Land shares.&quot;

Members of the Villar family sought the dismissal of the complaints filed by the Securities and Exchange Commission before the Department of Justice, over allegations that they distorted the company's share prices and misled the investing public.

Members of the Villar family sought the dismissal of the complaints filed by the Securities and Exchange Commission before the Department of Justice, over allegations that they distorted the company's share prices and misled the investing public.

Villars seek dismissal of SEC complaints before DOJ

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Villars seek dismissal of SEC complaints before DOJ

Adrian Ayalin,

Benise Balaoing,

ABS-CBN News

Published April 20, 2026 04:57 PM PHT

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Updated April 20, 2026 09:58 PM PHT

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Villar Land

Mark Villar

Camille Villar

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