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Composite image: Sens. Mark Villar (L) and Camille Villar (R) appear the Department of Justice on Monday, April 20, 2026 for the preliminary investigation into the case the Securities and Exchange Commission filed against their company, Villar Land Holdings Corp.
Philstar.com / Ian Laqui
MANILA, Philippines — The Villar siblings appeared at the Department of Justice on Monday, April 20, as they filed their counter affidavits during the preliminary investigation into the Securities and Exchange Commission's complaint against Villar Land Holdings Corp.
Sen. Mark Villar, Sen. Camille Villar and Manuel Paolo Villar appeared before the panel of prosecutors after skipping the first hearing on March 16.
The case involves allegations of market manipulation, fraud, insider trading and misleading disclosures against the company. The SEC filed the complaint on January 25.
Virgilio Villar, brother of tycoon Manny Villar, earlier filed his counter-affidavit on April 8, according to Senior Deputy Prosecutor Peter Ong.
Manny and wife, Cynthia, who are former senators, did not appear before the panel.
Their lawyer, Robel Lomibao, said the couple filed a verified manifestation and motion, which was sworn before a notary public in Las Pinas.
Villars deny wrongdoing
Rhegine Peralta Abrera, lawyer for Mark Villar, said her client "did not commit any wrongdoing" and that his actions were done in "good faith and to ensure transparency."
"He's confident that a fair review of the facts and evidence will show that the charges against him have no basis," Abrera said.
Lomibao also said Manny and Cynthia maintain that "they did not commit any wrongdoing."
"We are here to clear the name of the company and clear the name of the directors and officers implicated in this case," Lomibao said.
The next round of preliminary investigation is set for April 13.
Ong said it will be a partial clarificatory hearing on the testimonies raised by one of the Villars' co-accused, Cynthia Javarez.
SEC allegations
The SEC accused Villar Land Holdings Corp., formerly Golden MV Holdings Inc., of violating Sections 24.1(d) and 26.3 of Republic Act No. 8799, or the Securities Regulation Code.
According to the SEC complaint, the company allegedly made "false or misleading statements and engag[ed] in acts that operated as fraud or deceit upon investors."
The regulator said Villar Land released misleading information that distorted the company's share prices.
Aside from the Villars and Javarez, other respondents in the case are Ana Marie Pagsibigan, Garth Castaneda, Jerry Navarrete, Joy Fernandez and Josephine Bartolome.
Villar Land Holdings Corp., MGS Construction Inc. and Infra Holdings Corp. are also listed as respondent corporations.
