SEC seeks explanation from Villar Land appraiser over asset valuation

THE Securities and Exchange Commission (SEC) has directed E-Value Phils. Inc,, the appraiser of Villar Land Holdings Corp’s properties, to explain its valuation of assets owned by the Villar Land group as part of an ongoing review of the accuracy of the developer's financial reporting.

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In a show-cause order dated Sept. 29, the SEC Office of the General Accountant asked E-Value Phils. to explain why it should not be penalized for its valuation of properties owned by Villar Land group companies, including Althorp Land Holdings, Inc., Chalgrove Properties, Inc, and Los Valores Corp.

The order was issued after the commission conducted special onsite inspections to assess E-Value’s compliance with SEC Memorandum Circular No. 2, Series of 2014, which sets guidelines on asset valuations and adopts international valuation standards for appraisal reports.