valuation.
The SEC’s complaint also includes Villar Land President Cynthia Javarez and independent directors Ana Marie Pagsibigan, and Garth Castañeda as respondents. Also charged were Infra Holdings Corp. and MGS Construction, together with their officers and authorized signatories including Virgilio Villar, the tycoon’s brother. Both companies engaged in trades that created artificial demand and influenced Villar Land’s share price, the SEC said.
In its statement Saturday, the SEC alleged Villar Land and its officers misled the public with its 2024 financial statements disclosed in March that showed a substantial increase in total assets and net income when the company’s external audit wasn’t yet completed.
Apart from his real estate business, Villar—who ran for president in 2010—has interests in energy, media, retail and restaurants. He has a real-time net worth of $4.5 billion, down from $11 billion in August when the list of the Philippines’ 50 richest was published