SEC fines Villar Land, 11 officials for unsubmitted financial statements

LISTED Villar Land Holdings Corp. and its top officials were fined a total of P12 million by the Securities and Exchange Commission (SEC) for failing to submit its 2024 annual report and first-quarter report for 2025.

- By Revin Mikhael D. Ochave

In an order dated Aug. 18, the SEC Markets and Securities Regulation Department (MSRD) issued the maximum P1-million administrative fine each against Villar Land and 11 officials, totaling P12 million, in lieu of suspending the company’s registration statement and permit to offer and sell securities.

The order applies to Villar Land's senior executives, including Chairman Manuel B. Villar, Jr.; President Cynthia J. Javarez; directors and incumbent Senators Mark A. Villar and Camille A. Villar; and director Manuel Paolo A. Villar.

Other officials named are independent directors Ana Marie V. Pagsibigan and Garth F. Castaneda; chief financial officer, chief information officer, treasurer, and investor relations officer Estrellita S. Tan; corporate secretary Gemma M. Santos; assistant corporate secretary Ma. Nalen S.J. Rosero; and compliance officer Kate D. Cator.

The MSRD also imposed a P2,000 administrative fine each for every day of delay starting July 1 until Villar Land, formerly known as Golden MV Holdings, Inc., submits its 2024 annual report and first-quarter report.

“The timely submission of annual and quarterly reports is mandatory and nonnegotiable under the Securities Regulation Code (SRC) and its implementing rules and regulations. These reports are critical for regulatory oversight, market integrity, and protection of investor interests,” the order said.

The MSRD denied Villar Land’s request for an extension to submit the reports by Aug. 31.