Villar Land Holdings Corporation (VLC), formerly Golden MV Holdings, along with key members of the Villar group, is facing a criminal complaint over alleged market manipulation, insider trading, and misleading disclosures.
Reports confirmed that the Securities and Exchange Commission (SEC) filed the complaint before the Department of Justice on Friday, January 30, alleging that the respondents engaged in acts that artificially propped up VLC’s share price, misleading investors about the company’s true financial condition.
Named in the complaint were VLC chairman Manny Villar, his wife and former senator Cynthia Villar, and their children Mark, Camille, and Paolo Villar.
Manny and Cynthia both served in the Senate in the past, while Mark and Camille are incumbent senators.
The complaint alleged that VLC prematurely disclosed financial figures to the public despite its external auditor stating that the statements were not yet fully audited. When the final audited reports were released, the company’s assets reportedly declined to ₱35.7 billion—below the figures earlier presented to investors.
Senator Camille Villar was also accused of insider trading after allegedly purchasing 73,600 shares worth ₱1.43 million in December 2017, just hours before a corporate disclosure. The complaint further claimed that INFRA Holdings and MGS Construction conducted stock transactions that created artificial demand to support VLC’s share price.
The case follows earlier concerns raised by market observers over possible violations of listing and disclosure rules, particularly after VLC reported a dramatic jump in profits. In 2025, the SEC initiated a probe into VLC’s ₱1 trillion valuation amid investor questions over asset infusions into the company.
VLC’s valuation came under scrutiny after its net income surged to ₱1 trillion in 2024 from ₱1.6 billion in 2023. Trading of the company’s shares has been suspended since May 2025 after it failed to submit its 2024 annual report on time.
In a disclosure to the Philippine Stock Exchange, VLC attributed the spike in profits to fair value gains reflecting higher valuations of Villar City properties in Metro Manila and Cavite.