THE Department of Justice (DoJ) has initiated subpoenas on Villar Land Holdings Corp., its related entities, and key officers following a criminal complaint filed by the Securities and Exchange Commission (SEC) over alleged market manipulation, insider trading, and misleading disclosures.
Justice spokesperson Raphael Niccolo L. Martinez told reporters on Monday that the complaint lodged by the SEC will proceed to a preliminary probe scheduled for March 16.
“After undergoing initial evaluation, the complaint lodged by the SEC against Villar Holdings Corp. et al with the DoJ will proceed with preliminary investigation for alleged violations of the Securities Regulation Code,” he said.
“Subpoenas have been served upon the respondents,” he added, noting that “a few have not yet received [the subpoenas] and/or are still in process, but all Villars have been served.”
Manuel B. Villar, Jr., chairman of Villar Land Holdings, previously denied the allegations, saying that he and his companies have always upheld good corporate governance, complied with regulations, and will fully cooperate with any investigation.
The case stems from a complaint filed by the SEC on Jan. 30, following an announcement a day later that it was pursuing criminal charges against Villar Land Holdings, formerly Golden MV Holdings, Inc., along with related entities and officers.
The SEC said the acts cited in its complaint constituted false or misleading statements and schemes that deceived investors, in violation of Sections 24.1(d) and 26.3 of Republic Act No. 8799, or the Securities Regulation Code.
“The DoJ will determine if there is merit to the allegations by the SEC. Of course, as a matter of procedure, all respondents will be given an opportunity to present their defenses,” Mr. Martinez said.
In a statement on Monday, Villar Land said its directors are ready to respond to the allegations in the complaint and present their side in the appropriate forum.
“Villar Land and its directors welcome the opportunity to explain their side and respond to the allegations in the complaint at the proper forum,” the company said.
“The company and its directors are fully prepared to cooperate with the proper authorities and are confident that an impartial panel will find that no violation of law was committed,” it added.
On Monday, Villar Land Holdings closed unchanged at P579. — Erika Mae P. Sinaking
