By Benjamin Pulta
MANILA – The panel of prosecutors of the Department of Justice (DOJ) has turned down the request of the Villars to send their insider trading and stock manipulation complaints back to the Securities and Exchange Commission (SEC) for the determination of probable cause.
During the preliminary investigation on the case on Monday, Senior Deputy State Prosecutor Peter Ong said that if the Villar Land’s defense lawyers insist on returning the complaints to the SEC, the prosecution panel will treat them as counter-affidavits.
Ong said no particular form is required in finding probable cause, saying the decision by the SEC to file the cases is sufficient.
Last January, the SEC filed a criminal complaint against Villar Land, its related entities and their officers for market manipulation, insider trading and misleading disclosures.
The regulator said they distorted the company’s share prices and misled investors in connection with the alleged delays in the release of the audited assets of the company, which prompted a surge in share prices.
The SEC found the company liable for its premature disclosure of its 2024 financial statement that reported a total of PHP1.33 trillion in assets. After adjusting the audited report, the total assets reached PHP35.7 billion only.
At the preliminary investigation, the respondents, including former senator and Villar Land chair Manuel Villar, former senator Cynthia Villar, and directors Cynthia Javarez, Manual Paolo Villar, Senators Camille Villar and Mark Villar, asked for more time until April 20 to refute charges.
The panel of prosecutors granted the Villars’ request for a deadline extension.
A lone respondent, Garth Castañeda, a former independent director in Villar Land, personally attended to file his counter-affidavit.
SEC officials Philbert Flores and Jonathan Pancracius Paguirigan swore to the complaint. (PNA)
