MANILA, Philippines — The Department of Justice (DOJ) has formally issued subpoenas to several members of the Villar family, including incumbent senators and the country’s richest man, in connection with a criminal complaint filed by the Securities and Exchange Commission (SEC).
The SEC’s complaint, filed on January 30, 2026, accuses Villar Land Holdings Corp. (formerly Golden MV Holdings Inc.) of serious violations of the Securities Regulation Code, including:
- Market Manipulation & Insider Trading: Creating artificial demand and distorting share prices.
- Misleading Disclosures: Reporting a massive “unaudited” net income of ₱999.72 billion and assets of ₱1.33 trillion in 2024—figures that were later corrected in audited statements to show assets of only ₱35.7 billion.
- Artificial Demand: Alleged trading by related entities to prop up the company’s stock value.
A total of 15 respondents have been summoned to appear for a preliminary investigation, including:
- Manuel “Manny” Villar Jr. (Company Chair and former Senator)
- Cynthia Villar (Former Senator)
- Mark Villar (Incumbent Senator)
- Camille Villar (Incumbent Senator)
- Manuel Paolo Villar (Director)
- Several independent directors and company officials.
In a statement, the Villar camp expressed that they “welcome the opportunity” to clear their names in a proper forum. They maintained that the allegations are “baseless” and expressed confidence that an impartial panel would find no laws were violated. They have pledged full cooperation with the DOJ but stated they would refrain from further public comment while the investigation is ongoing.
DOJ spokesperson Polo Martinez confirmed that the subpoenas have been served and the department is now transitioning to the preliminary investigation phase. This stage will determine if there is enough evidence to file formal criminal charges in court.