The Department of Justice (DOJ) has resumed its preliminary investigation into the complaint filed by the Securities and Exchange Commission (SEC) against Villar Land Holdings Corp., which involves allegations of market manipulation, insider trading, and alleged improper disclosures tied to movements in the company’s share prices.
During the latest hearing, Senators Mark Villar and Camille Villar personally attended proceedings to submit their counter-affidavits and sworn statements. Other respondents, including Manuel Paolo Villar, also submitted their responses through counsel, while former Senator Manny Villar and former Senator Cynthia Villar were not present.
In an ambush interview, Atty. Rhedine Peralta-Abrera, counsel for Senator Mark Villar, said the camp remains confident in their position and will continue to fully cooperate with the legal process.
“Considering that the matter is already pending and we’ve already submitted, I hope you understand that we’ll just present our full defenses with the DOJ,” Peralta-Abrera said.
When asked about Senator Mark Villar’s role in the company, the lawyer clarified that his actions were carried out in good faith as a director, based on independent valuations and in line with corporate duties.
“The stand is that he performed the action in good faith as director of the company. And this was based on independent valuations and to comply with the duty to ensure transparency,” she said.
She also declined to comment on the involvement of other family members, noting that each respondent is represented by separate legal counsel.
On procedural developments, Peralta-Abrera explained that the next stage involves the submission of the SEC’s reply affidavit, after which respondents may file a rejoinder depending on the content of the submission.
“We will evaluate whether we will be filing a response or a rejoinder affidavit depending on the contents of the reply affidavit,” she said.
Asked about allegations of political motivation, she dismissed speculation and emphasized reliance on legal processes.
“We’re not here to speculate on motives. Right now, our focus is to address the allegations through the legal process,” she added, expressing confidence that a fair review of evidence will clear the senator of wrongdoing.
The DOJ panel has yet to issue a resolution as the preliminary investigation continues.
