The Philippine Securities and Exchange Commission filed a criminal complaint against Villar Land Holdings Corp. (formerly Golden MV Holdings, Inc.), related entities and their officers for alleged market manipulation, insider trading and misleading disclosures that it says distorted the company’s share price and misled investors. The complaint cites alleged violations of Sections 24.1(d) and 26.3 of the Securities Regulation Code for false or misleading statements and fraudulent securities transactions, and Section 24.1(b) for price manipulation. The respondents include Villar Land chairperson Manuel B. Villar, Jr. and former senator Cynthia A. Villar, alongside other directors and independent directors, as well as related entities Infra Holdings Corp. and MGS Construction and certain officers and authorized signatories. The case follows the SEC’s investigation into Villar Land’s public disclosures and trading activity, including a disclosure of 2024 financial statements reporting total assets of PHP 1.33 trillion and net income of PHP 999.72 billion (from PHP 1.46 billion in the previous year) attributed to a revaluation of real estate holdings, which the SEC alleges was released before completion of the external audit; when audited financial statements were later submitted, Villar Land reported total assets of PHP 35.7 billion. The SEC also alleged trading by related entities that created artificial demand and supported Villar Land’s share price, and alleged insider trading by Camille A. Villar in connection with a December 2017 purchase of 73,600 shares ahead of a corporate disclosure that increased the share price. The release also referenced a November 2025 SEC action revoking the accreditation of E-Value Phils., Inc. and imposing a PHP 1 million fine over valuation reports used to support Villar Land’s asset revaluation that the SEC found unreliable.

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