The Department of Justice (DOJ) on Monday denied the Villar group’s request to send insider trading and stock manipulation complaints back to the Securities and Exchange Commission (SEC) for probable cause determination.
Senior Deputy State Prosecutor Peter Ong said during the preliminary investigation that if Villar Land’s lawyers insist, their request will instead be treated as counter-affidavits.
He explained that the SEC’s decision to file the complaint was already sufficient, even without a specific form for probable cause.
The SEC filed criminal complaints in January against Villar Land Holdings, related entities, and their officers for alleged market manipulation, insider trading, and misleading disclosures.
Regulators said the company’s premature release of its 2024 financial statement—reporting ₱1.33 trillion in assets, later adjusted to ₱35.7 billion after auditing—distorted share prices and misled investors.
During the hearing, respondents including former Senate President and Villar Land chair Manny Villar, former Senator Cynthia Villar, and directors Cynthia Javarez, Manuel Paolo Villar, Camille Villar, and Mark Villar requested until April 20 to file counter-affidavits, which the panel granted.
Only Garth Castañeda, a former independent director, personally attended to submit his counter-affidavit.
SEC officials Philbert Flores and Jonathan Pancracius Paguirigan swore to the complaint.