Manny Villar Vows to Clear Family Name: 'I've Never Engaged in Any Illegal Activity'

Former Senate President and real estate mogul Manny Villar has finally broken his silence on the criminal complaint accusing Villar Land of artificially inflating their assets to mislead investors.

The self-made billionaire called hogwash on the charges against him and his family, adding that he has not actually seen the formal complaint yet and that his knowledge is "limited to what has been reported by various media outlets."

ALSO READ:

What You Need to Know About the SEC's Criminal Complaint Vs. Villar Land

Lucio Co Swoops in to Acquire PrimeWater

"In all my years as an entrepreneur, from the time I helped my mother sell shrimps and fish in Divisoria to leading one of the most successful businesses in the country, I have never engaged in illegal practices designed to defraud customers and investors, or unduly benefit myself or the companies," Villar said in a statement posted on his official Facebook Page. This is definitely leaning into the rags-to-riches story synonymous with the Manny Villar image.

"I am confident that justice will prevail and I, my family, and our companies will be exonerated of all these baseless charges."

In case you haven't really dug into the SEC's case against Villar Land Holdings Corp., it essentially boils down to the firm disclosing 2024 assets worth about P1.33 trillion and a net income worth P999.72 billion, right before an external audit reflected only P35.7 billion in total assets.

That is a gigantic 97 percent drop from the initially declared assets, which were supposed to show a massive increase from just P1.46 billion in assets in 2023.

The elephant in the room is the magnate's explanation for the reported P1.33 trillion in Villar Land assets, and his family members being accused of buying their own shares to drive up stock prices.

In the SEC statement announcing that it was going after the Villars, the company pinned the trillion-peso assets and income on real estate revaluation, based on the findings of their independent auditor.

Villar said that his firm would respond to all the allegations in the "proper forum" and that it would cooperate with an "impartial investigation that fosters due process, protects the public's welfare, and ferrets out the truth."

"Our company has consistently upheld the highest standards of good corporate governance," he said. "All our businesses and officers understand that corporate good governance is essential for building trust among investors and fostering sustainable growth."

Now, we can understand why he held off providing a substantive explanation for why investors were told the company had P1.33 trillion in assets; the proof is still in the pudding and there is a need to go beyond character defenses.

While the Villar group has had some controversies and regulatory scrutiny over the years, this is their empire's first test against actual criminal charges.

The Department of Justice said on Feb. 2 that the SEC's criminal complaint should still go through an evaluation first to see if it is ready for a preliminary investigation.

Prosecutor General Richard Fadullon said that no formal case exists yet, since a panel of prosecutors will review the complaint first to see if there is enough basis to pursue charges, without premature judgments.

Following the SEC's announcement of the criminal complaint, Villar Land shares fell by 8.85 percent to close at P608 a piece on Feb. 3. Here's a quick rundown of a few issues and hot seat moments for the Villar group in the past decade:

1 | The C-5 Road Extension Fiasco

In 2010, Villar's presidential campaign—which he lost to the late former President Benigno "Noynoy" Aquino III—was not without controversy as he faced allegations of dubious national budget insertions to fund the C-5 Road Extension project, which passed through properties his group owned in Las Piñas.

This raised eyebrows due to these Villar-owned properties shooting up in value and his previous position as Senate President allegedly allowing him to secure state funding that would benefit his business interests. Ultimately, no criminal charges were filed and Villar denied the allegations, stating the road project was for the public's benefit.

2 | Offshore Accounts?

Based on a 2013 story by the Philippine Center for Investigative Journalism (PCIJ) and extensive news coverage on these claims, Villar and even current Senator JV Ejercito had been accused of owning secret offshore corporations in the British Virgin Islands to hide alleged illicit wealth. Both of them shrugged off and denied the claims of benefiting from a reputed tax haven, stating that there is "nothing sinister about owning one [British Virgin Islands account]."

So, now all that remains is if we'll ever see how this complaint legally moves forward and if the SEC's evidence is solid enough for the courts.