VNExpress/Bloomberg/Forbes-Feb 2
Manuel Villar’s wealth shed US$1 billion after a Philippine regulator lodged a criminal complaint against his listed flagship Villar Land and its executives including himself, alleging market manipulation, insider trading and misleading disclosures. Villar Land stock tumbled as much as 25% on Monday after trading resumed from a one-hour suspension imposed by the Philippine Stock Exchange. Shares of other companies linked to Villar also plunged, according to Forbes. The Philippine Securities and Exchange Commission had earlier alleged that Villar Land misled investors by declaring total assets of PHP1.33 trillion (US$22.6 billion) in its 2024 financial statements before an external audit was completed, after which the figure was revised to PHP35.7 billion, Bloomberg reported. The respondents named in the complaint include the firm’s chairperson Villar, his wife Cynthia and their children Manuel Paolo, Camille and Mark, all of whom served as directors. It further said entities linked to the family, including Infra Holdings owned by Villar’s brother, carried out trades that created artificial demand and helped support Villar Land shares. “Building investor confidence in the Philippines is crucial in driving the inclusive and sustainable growth of our capital market and business sector for national development,” SEC Chairperson Francis Lim said in a statement last Saturday, as quoted by ABS-CBN. “In this light, the SEC is firm in addressing fraudulent and manipulative acts that mislead the investing public and distort our capital markets.” Read more at:
