Villar Land faces complaint over alleged market manipulation, insider trading

MANILA, Philippines – The Villar Land Holdings Corporation (VLC), formerly known as Golden MV Holdings, and some members of the Villar group are facing a criminal complaint over alleged market manipulation, insider trading, and dissemination of materially misleading disclosures.

Unimpeachable sources have confirmed that the complaint, filed by the Securities and Exchange Commission (SEC) with the Department of Justice on Friday, January 30, stemmed from allegations that the respondents engaged in acts that artificially supported the company’s share price.

The allegations said that this misled the investing public about the company’s true financial condition.

Sources said that the named respondents include Villar Land chairman Manny Villar, former senator Cynthia Villar, incumbent senators Mark and Camille Villar, and Manuel Paolo Villar.

“Villar Land and its directors will answer all the allegations leveled against them after formal receipt of the alleged complaint,” the firm told Rappler on Friday.

Moreover, VLC provided figures that were prematurely disclosed to the investing public despite the external auditor’s statement saying that the financial statements were not yet fully audited, according to the allegation.

When the audited financial statements came, they showed that the company’s assets actually fell to P35.7 billion, which was below the figures given to investors, it added.

Senator Camille Villar, in the complaint, was also accused of insider trading for purchasing 73,600 shares worth P1.43 million in December 2017, hours before a corporate disclosure. In addition, it was also alleged that INFRA Holdings and MGS Construction carried out stock trades that created artificial demand to support Villar Land’s price shares.

Earlier, some market watchers alleged that VLC violated listing and disclosure rules due to the massive surge of its net income and growth. In 2025, the SEC launched a probe into the P1-trillion valuation of VLC, prompted by queries from investors regarding the infusion of new assets into the Villar firm.

SEC chairperson Francis Lim then said that he wanted the commission to probe any integrity issues of the market, but acknowledged that there were complex technical details to determine alleged illegal acts like insider trading.

VLC’s valuation was put into question after its profits grew to P1 trillion in 2024, from just P1.6 billion in 2023. The firm’s shares have been under trading suspension since May 2025 after it failed to submit its 2024 annual report within the deadline.

In its disclosure to the Philippine Stock Exchange, the firm attributed this to fair value gains to reflect the higher valuation of Villar City properties in the National Capital Region and Cavite. 

In 2024, VLC bought almost 400 hectares of land within Villar City — properties also owned by Villar firms Althorp Land Holdings Incorporated, Chalgrove Properties Incorporated, and Los Valores Corporation.

However, without these fair value gains, VLC’s operating profit actually fell around 29% or to P1.22 billion due to low sales of its residential properties. – Rappler.com