The Department of Justice (DOJ) has begun reviewing the complaint filed by the Securities and Exchange Commission (SEC) against Villar Land Holdings Corporation, its officials, and related companies.
Prosecutor General Richard Fadullon said on Monday that the complaint must first undergo a thorough evaluation before the DOJ decides whether to proceed with a preliminary investigation, which will determine if the case will be dismissed or elevated to court.
“When cases are filed here [DOJ], it is not immediately for preliminary investigation. It has to go through evaluation… we still have to go through study and scrutiny by the panel to determine whether it is appropriate already to conduct a preliminary investigation,” Fadullon said in an interview with the media.
The SEC filed the complaint on January 30, accusing Villar Land of alleged market manipulation and insider trading.
Named as respondents are former Senate President Manny Villar, chairman of Villar Land; former Senator Cynthia Villar; and their children Paolo, as well as Camille and Mark, who is currently serving in the Senate.
Independent directors, company executives, and officials of affiliated firms were also included in the complaint.