A casino mogul, who is one of the Philippines’ richest individuals, has been accused of market manipulation and insider trading.
The Philippine Securities and Exchange Commission has charged Manuel Villar and Villar Land, formerly Golden MV Holdings, for “making false or misleading statements and engaging in acts that operated as fraud or deceit upon investors”.
According to a press release from the SEC, the charges are related to the valuation of land that forms part of Villar Land’s Villar City project, a 3,500-hectare mixed-use estate in Manila, which includes plans for two casino facilities.
In 2024, Villar Land reported unaudited total assets of P1.33trn (£16.1bn) following the revaluation of a piece of land bought by the company for P5.2bn (£64.5m), an increase of almost 25,000%, as well as net income of P999.7bn (£12.4bn), up from P1.46bn (£18.1) in the previous financial year.
However, following an audit, Villar Land reported total assets of only P35.7bn (£443m), significantly lower than the previously disclosed amounts.
Villar, the company’s Chairperson and a former Senator in the Philippines, has been named in the legal action alongside former Senator Cynthia Villar and Directors Cynthia Javarez, Manuel Paolo Villar, Camille Villar, and Mark Villar, as well as independent directors Ana Marie Pagsibigan and Garth Castañeda.
Cynthia Villar has also been accused of insider trading after purchasing 73,600 shares of Villar Land in December 2017, shortly before the release of a corporate disclosure that resulted in an increase in the company’s share price.
Infra Holdings Corp, owned by Manuel Villar’s brother, Virgilio, has also been implicated by the SEC. The authorities claim that Infra, alongside MGS Construction, engaged in trading activities to create artificial demand and support the price of Villar Land shares.
Shares of Villar Land soared after the announcement of the land acquisition, leading to the company being valued as the Philippines’ most valuable at a peak of 1.5trn pesos. However, since the SEC’s investigation began, the company’s shares have tumbled, falling over 70% in the last year.
Manuel Villar’s personal net worth has fallen by around $1bn, according to Forbes, following the SEC’s filing.
“Building investor confidence in the Philippines is crucial in driving the inclusive and sustainable growth of our capital market and business sector for national development,” asserted the SEC’s Chairperson, Francis Lim.
“In this light, the SEC is firm in addressing fraudulent and manipulative acts that mislead the investing public and distort our capital markets.”
