Villar Land appraiser loses SEC accreditation over P1.33-T valuation

THE Securities and Exchange Commission (SEC) has revoked the accreditation of Villar Land Holdings Corp.’s appraiser, E-Value Phils, Inc., for failing to justify its P1.33-trillion valuation of the listed company’s properties.

- Beatriz Marie D. Cruz

The SEC Office of the General Accountant (OGA) also imposed a maximum penalty of P1 million for violating Republic Act No. 8799, or the Securities Regulation Code (SRC), and SEC Memorandum Circular No. 2, Series of 2014 (MC 2), or the Guidelines on Asset Valuations, the regulator said in a statement on Monday.

In a separate letter, the OGA directed Villar Land subsidiaries Althorp Land Holdings, Inc., Chalgrove Properties, Inc., and Los Valores Corp. to submit new appraisal reports after finding that the reports submitted by E-Value were unreliable and noncompliant with the International Valuation Standards (IVS).

The OGA also conducted an onsite inspection following the valuation of properties of three companies under the Villar Land group.