DOJ says SEC complaint vs Villar Land still under evaluation

The complaint filed by the Securities and Exchange Commission (SEC) against Villar Land Holdings Corp. is still undergoing evaluation to determine whether it is ready for preliminary investigation, Prosecutor General Richard Fadullon said on Monday.

“Yes, the evaluation is ongoing, but as far as the Department is concerned, no pronouncements can be made just yet because we do not want to preempt the results,” Fadullon said in an ambush interview.

Last week, the SEC accused Villar Land—formerly Golden MV Holdings Inc.—of violating Section 24.1(d) and Section 26.3 of Republic Act No. 8799, or the Securities Regulation Code, for allegedly making false or misleading statements and engaging in acts that operated as fraud or deceit against investors.

The complaint, filed with the Department of Justice on Friday, named as respondents Villar Land chairperson and former senator Manuel Villar Jr.; former senator Cynthia Villar; directors Cynthia Javarez, Manuel Paolo Villar, Senator Camille Villar, and Senator Mark Villar; and independent directors Ana Marie Pagsibigan and Garth Castañeda.

Justice spokesperson Polo Martinez said the DOJ may require the DEC to submit additional documents if the complaint is found insufficient.

“If after submission of additional evidence, it is still not found sufficient, it will then be denied,” he said in a message to reporters.

Fadullon stressed that, while the complaint is under evaluation, there is technically no case yet.

“Cases filed here do not automatically proceed to preliminary investigation. They first undergo evaluation,” he said.

“Until that evaluation is completed and a panel determines that a preliminary investigation is warranted, it is as if no case has yet been filed, technically,” he added.—MCG, GMA Integrated News