VILLAR LAND HOLDINGS CORP. Chairperson Manuel “Manny” B. Villar, Jr. on Tuesday cited his group’s corporate governance practices and his personal business track record, as a criminal complaint filed by the Securities and Exchange Commission (SEC) awaits evaluation by the Department of Justice (DoJ).
“All our businesses and officers understand that corporate good governance is essential for building trust among investors and fostering sustainable growth. In fact, we welcomed and fully cooperated when the SEC began its fact-finding investigation,” Mr. Villar said in a statement.
“I assure the public that Villar Land will respond to all these allegations in the proper forum, and that we will fully cooperate with an impartial investigation that fosters due process, protects the public’s welfare, and ferrets out the truth,” he added.
Mr. Villar expressed confidence that the legal process will clear him, his family, and their companies of the charges.
“May I repeat again that we are unequivocally committed to transparency and compliance with existing rules and regulations being enforced by both the SEC and the Philippine Stock Exchange. We have consistently disclosed material developments and continue to coordinate with regulatory bodies regarding the status of our financials,” he said.
“In all my years as an entrepreneur, from the time I helped my mother sell shrimps and fish in Divisoria to leading one of the most successful businesses in the country, I have never engaged in illegal practices designed to defraud customers and investors, or unduly benefit myself or the companies I own.”
Over the weekend, the SEC announced that it had filed a criminal complaint against Villar Land, its related entities, and their officers for market manipulation, insider trading, and misleading disclosures that the regulator said distorted the company’s share prices and misled investors.
The SEC filed the complaint on Jan. 30, charging Villar Land (formerly Golden MV Holdings, Inc.) with violations of Sections 24.1(d) and 26.3 of the Securities Regulation Code (SRC) for making false or misleading statements and engaging in acts that operated as fraud or deceit upon investors, according to the Commission.
The DoJ said on Monday that the SEC’s criminal complaint must first undergo evaluation to determine its readiness for preliminary investigation.
Prosecutor General Richard Anthony D. Fadullon said no formal case exists yet, as a panel will review the complaint to determine whether there is sufficient basis to proceed, avoiding any premature judgments.
Justice spokesperson Raphael Niccolo L. Martinez said the DoJ may require the SEC to provide additional evidence if the complaint against Villar Land lacks sufficient grounds for preliminary investigation.
“If, after submission of additional evidence, it is still not found sufficient, it (the complaint) will then be denied,” he noted.
Villar Land shares fell by 8.85% to close at P608 apiece on Tuesday. — Alexandria Grace C. Magno