The Department of Justice (DOJ) on Monday disclosed that it has summoned officials of Villar Holdings Corp. to present their side on complaints of alleged market manipulation, insider trading and disclosure shortcomings filed by the Securities and Exchange Commission (SEC).
“After undergoing initial evaluation, the complaint lodged by the SEC against Villar Holdings Corp. et al. with the DOJ … will proceed with preliminary investigation for alleged violations of the Securities Regulation Code,” DOJ spokesperson Polo Martinez said in a message to reporters.
“Subpoenas have been served to the respondents,” he added.
Named in the SEC complaint are former senator and Villar Land chair Manuel Villar Jr., former senator Cynthia Villar, and directors Cynthia Javarez, Manuel Paolo Villar, Senator Camille Villar and Senator Mark Villar.
Martinez said the DOJ will determine whether there is merit to the allegations filed by the government regulator.
“The Department of Justice remains steadfast in the discharge of its mandate to evaluate all cases based solely on the evidence and the law. We neither favor nor target any individual. Our duty has always been, and will continue to be, the fair and impartial pursuit of justice,” he said.
The SEC filed a criminal complaint in January against Villar Land, its related entities and their officers for alleged market manipulation, insider trading and misleading disclosures.
The regulator said the respondents distorted the company’s share prices and misled investors in connection with the alleged delay in the release of the company’s audited assets, which prompted a surge in share prices.
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