MANILA – Billionaire property tycoon Manuel Villar has rejected allegations of insider trading and market manipulation after the Securities and Exchange Commission (SEC) filed a criminal complaint against him, his flagship Villar Land, and its directors.
“I am confident that justice will prevail and I and my family and our companies will be exonerated of all these baseless charges,” Villar said in a statement.
The SEC accused Villar Land of misleading disclosure in March 2025, citing a massive revaluation of land in the 3,500-hectare Villar City estate in southern Metro Manila. The company reported a ₱1 trillion ($17 billion) profit for 2024, largely from a ₱1.3 trillion revaluation gain on a 366-hectare parcel purchased for ₱5.2 billion. External auditor Punongbayan & Araullo rejected the revaluation.
Villar, a former Senate President and 2010 presidential candidate, is the most high-profile individual charged with insider trading by the SEC, which has yet to secure a conviction for such an offense. His wife, former senator Cynthia Villar, and their children—Manuel Paolo, Camille, and Mark—are also named in the complaint as Villar Land directors. #END
News Source: Forbes
