Gate News message, April 20 — Billionaire Manny Villar and his family denied charges of insider trading, market manipulation, and securities violations filed by the Philippine Securities and Exchange Commission (SEC) on April 20. The Villar family submitted counter-affidavits and motions at the Department of Justice (DOJ) seeking dismissal of the complaint, which was originally filed on January 30.
Senators Mark and Camille Villar, along with their brother Paolo and other respondents, personally submitted counter-affidavits. Manny Villar and his wife Cynthia, both former senators, were represented by counsel. Lawyer Robel Lomibao stated that the Villars maintained they “did not commit any wrongdoing” and sought to “clear the name of the company and clear the name of the directors and officers.” Senator Mark’s lawyer said all actions were “made in good faith” and there is “absolutely no evidence of fraud or intent to defraud.”
The SEC alleges that Villar Land Holdings disclosed 2024 financial statements showing total assets of ₱1.33 trillion and net income of nearly ₱1 trillion before external audits were completed. The company attributed the surge to a massive revaluation of real estate holdings, particularly land within Villar City development. However, when audited statements were later submitted, total assets stood at only ₱35.7 billion—a significant discrepancy. The SEC also accused related companies of engaging in trading activities that artificially supported Villar Land’s share price, and alleged Senator Camille engaged in insider trading by purchasing company shares before a 2017 corporate disclosure that led to a stock price rise.
The DOJ panel of prosecutors is scheduled to resume the preliminary investigation on May 13.
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