Subpoenas have been sent to Manny Villar and his family.
The Department of Justice (DOJ) said subpoenas have been sent to Manny Villar and the other members of his family.
Property tycoon Manny Villar and members of his family have been subpoenaed over alleged violations of the Securities Regulation Code, in connection with a criminal complaint filed on January 30 by the corporate regulator, the Securities and Exchange Commission (SEC).
Based on a previous article, Villar and his family, and the Villar Land Holdings Corp faced criminal complaints filed by SEC.
Named as respondents are tycoon and former Senate president, Manuel B. Villar Jr., former Sen. Cynthia Villar, Cynthia J. Javarez, Manuel Paolo A. Villar, Sen. Camille Villar, Sen. Mark A. Villar, Ana Marie V. Pagsibigan, and Garth F. Castañeda.
Reportedly, the Villar Land violated Section 24.1(d) and Section 26.3 of Republic Act No. 8799, or the Securities Regulation Code (SRC), “for making false or misleading statements and engaging in acts that operated as fraud or deceit upon investors.”
On March 2, the Department of Justice (DOJ) said that the SEC complaint underwent an initial evaluation, after which the agency decided to move forward with a preliminary investigation.
The subpoenas have been served on the respondents.
DOJ spokesperson Polo Martinez said, “The DOJ will determine if there is merit to the allegations by the SEC. Of course, as a matter of procedure, all respondents will be given an opportunity to present their defenses.”
Villar Land responded and told the Philippine Stock Exchange that the company and several of its directors “were officially notified of the complaint from the DOJ” on Monday.
In a separate statement, Villar Land stated that the company and its directors “welcome the opportunity to explain their side and respond to the allegations in the complaint at the proper forum.”
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