Prosecutors resumed on Monday the preliminary investigation into allegations of market manipulation, insider trading, and misleading disclosures against officials of Villar Land Holdings Corporation. Regulators claim the company’s actions distorted share prices.
Incumbent Senators Mark and Camille Villar personally submitted counter-affidavits to formally deny the charges. Defense counsel Regine Peralta-Abrera stressed that Senator Mark Villar’s conduct as a company director was based on independent assessments and performed in good faith.
“All actions were made in good faith and to ensure transparency. There’s absolutely no evidence of fraud or infidelity,” Peralta-Abrera said.
She added that the senator “actually welcomes the opportunity to address the allegations against him in the proper legal process, and he’s confident that a fair review of the facts would show that the charges have no basis.”
Robel Lomibao, legal counsel for Villar Land Holdings Corporation, likewise maintained the company’s innocence.
“In our opinion, Villar Land Holdings Corp. and its officers did not commit any wrongdoing,” Lomibao said.
The defense team, representing former Senate President Manny Villar, former Senator Cynthia Villar, and Manuel Paolo Villar, has filed verified manifestations and motions.
Senior State Prosecutor Peter Ong confirmed that the prosecution panel would review these filings.
“The verified manifestation and motion… will be considered by the panel, already containing the defenses of the respondent,” Ong said.
Lomibao emphasized that the defense intends to cooperate fully.
The defense aims to “fully cooperate in a fair and impartial investigation—one that is grounded in due process and respects the rights of individuals.”