VILLAR LAND HOLDINGS Corp. and its directors filed a motion before the Department of Justice (DoJ) in response to a criminal complaint by the Securities and Exchange Commission (SEC) alleging market manipulation, insider trading and misleading disclosures.
The company and its directors, including Senators Mark A. Villar and Camille A. Villar-Genuino, submitted their filings during a preliminary investigation at the DoJ on Monday.
Robel C. Lomibao, legal counsel for Villar Land, said the respondents filed a “verified manifestation and motion” instead of a traditional counter-affidavit, a move allowed under the Justice Department’s National Prosecution Service rules.
Mr. Lomibao said the filing contains the respondents’ defenses, with the documents sworn before a notary public in Las Piñas.
The DoJ earlier issued subpoenas to former senators Manuel “Manny” B. Villar, Jr. and Cynthia A. Villar, as well as their children, including Manuel Paolo Villar, who did not attend Monday’s hearing.
Mr. Lomibao said the company and its directors maintain that they did not commit any wrongdoing and are cooperating with the investigation.
“We are here to clear the name of the company and clear the names of the directors and officers impleaded in this case,” he said.
“For Senator Mark Villar, we already submitted his counter-affidavit before the DoJ and he is fully cooperating with the investigation,” said Rhegine T. Peralta-Abrera, legal counsel for the senator.
“He denies any wrongdoing. All actions were made in good faith and to ensure transparency, there’s absolutely no evidence of fraud or intent,” Ms. Peralta said.
The complaint alleges that the firm, formerly Golden MV Holdings, Inc., reported an asset increase of P1.33 trillion in 2024 prior to an external audit. A subsequent audit valued the assets at P35.7 billion.
The SEC said the discrepancy may constitute violations of Sections 24.1(d) and 26.3 of the Securities Regulation Code on false statements and deceitful acts against investors.
Senior Deputy State Prosecutor Peter L. Ong said the request for dismissal is premature at this stage of the preliminary investigation.
“It’s premature, but we are always fair,” he said, adding that the panel is determining whether to dismiss the complaint or file charges in court.
Mr. Ong said the panel will treat the manifestation as a counter-affidavit and has scheduled the next hearing for May 13, when the SEC is expected to submit its reply.
He said the panel’s resolution will be subject to review by the Prosecutor General and the Secretary of Justice.
At the local bourse on Monday, Villar Land shares rose by 3.29% to close at P439 each. — Erika Mae P. Sinaking
