Business tycoon and former Senate President Manny Villar has denied the criminal allegations filed by the Securities and Exchange Commission (SEC) against Villar Land Holdings Corporation, stressing that neither he nor his companies have engaged in illegal practices.
In a statement released Tuesday, Villar reflected on his humble beginnings and rejected claims of market manipulation and insider trading linked to the firm.
“In all my years as an entrepreneur, from the time I helped my mother sell shrimp 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,” Villar said.
Villar said the company is prepared to face the allegations and cooperate with authorities.
“We will fully cooperate with an impartial investigation that fosters due process, protects the public’s welfare, and ferrets out the truth,” he said.
He added that he remains confident justice will prevail, describing the accusations as unfounded.
On January 30, the SEC filed a criminal complaint against Villar Land and several of its top officials over alleged market manipulation, insider trading, and misleading disclosures.
Those named include Villar, his wife former Senator Cynthia Villar, their children Senators Camille and Mark Villar, as well as company directors and independent board members.
The SEC cited alleged irregularities in the company’s 2024 financial disclosures, including a reported ₱1.46 billion increase from the previous year.
Villar said Villar Land has yet to receive an official copy of the complaint.
“Hence, my knowledge is limited to what has been reported by various media outlets. I understand that the DOJ will now have to evaluate the complaint and determine if a preliminary investigation will be warranted,” he said.
Despite the controversy, Villar reiterated the firm’s commitment to transparency and compliance.
“We are unequivocally committed to transparency and compliance with existing rules and regulations being enforced by both the SEC and the Philippine Stock Exchange,” he explained.
“We have consistently disclosed material developments and continue to coordinate with regulatory bodies regarding the status of our financials,” he added.