The Department of Justice (DOJ) on Monday confirmed that subpoenas have been sent to the Villar Group in connection with a criminal complaint filed by the Securities and Exchange Commission (SEC) against Villar Land Holdings Corporation and several of its officers.
DOJ spokesperson Atty. Polo Martinez said the case will now move to the preliminary investigation stage after completing its initial evaluation.
“Subpoenas have been served upon the respondents,” Martinez said.
The SEC filed the complaint in January, alleging that the respondents engaged in market manipulation, insider trading, and misleading disclosures, which allegedly distorted the company’s share prices and misled the investing public.
Named Respondents:
- Manny Villar, Villar Land chairperson and former Senate President
- Former Senator Cynthia Villar
- Directors Cynthia Javarez and Paolo Villar
- Senators Mark Villar and Camille Villar
- Independent directors Ana Marie Pagsibigan and Garth Castañeda
The DOJ will determine during the preliminary investigation whether there is sufficient basis to pursue the charges filed by the SEC.
“Of course, as a matter of procedure, all respondents will be given an opportunity to present their defenses,” Martinez added.