DOJ sends subpoenas to Villars over SEC complaint

The Department of Justice (DOJ) on Monday said subpoenas have been served on the Villars in connection with a complaint filed by the Securities and Exchange Commission (SEC) alleging market manipulation, insider trading, and misleading disclosures.

“Subpoenas have been served upon the respondents,” DOJ spokesperson Polo Martinez said in a message to reporters.

In January, the SEC accused Villar Land, formerly Golden MV Holdings Inc., of violating Republic Act No. 8799, or the Securities Regulation Code (SRC), “for making false or misleading statements and engaging in acts that operated as fraud or deceit upon investors.”

Named respondents in the complaint, filed with the DOJ on Friday, include Villar Land chairperson and former senator Manuel Villar Jr.; former senator Cynthia Villar; and directors Cynthia Javarez, Manuel Paolo Villar, Senator Camille Villar, and Senator Mark Villar, among others.

Martinez noted that not all respondents have received subpoenas.

He said the complaint will proceed to a preliminary investigation after initial evaluation.

“The DOJ will determine if there is merit to the allegations by the SEC,” Martinez said.

“Of course, as a matter of procedure, all respondents will be given an opportunity to present their defenses,” he added.

When sought for comment, Villar Land and its directors welcomed “the opportunity to explain their side and to respond to the allegations.”

“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 said in a statement.

Villar Land said that in view of the ongoing PI, they will refrain from making further statements on the matter.

In an earlier statement, Manuel Villar Jr. said his company will cooperate with authorities in the ongoing suit, even as he maintained that it has "consistently upheld the highest standards of corporate governance.”

“I have never engaged in illegal practices designed to defraud customers or investors, or to unduly benefit myself or the companies I own,” he said.—MCG/RF, GMA Integrated News