The Villar Land Holdings Corporation (Villar Land) released an official statement on Thursday, stating it will respond to the Securities and Exchange Commission's (SEC) order 'in due course'.
This was in response to the order issued by the commission, asking them to explain the reason behind the delay in the submission of Villar Land's financial reports.
“We wish to clarify that the delay in the filing of the Annual Report and the Q12025 Quarterly Report is not due to the refusal of our external auditor to sign the 2024 Audited Financial Statements but because of said auditor's varying requests for additional audit procedures to review the valuation of the properties acquired by Villar Land in Villar City,” the corporation clarified.
Moreover, Villar Land said that while it maintains that the fair value of its properties should be reflected in its financial statements, the corporation proposed the use of cost basis to its external auditors to facilitate the prompt release of its 2024 Audited Financial Statements.
The corporation emphasized that the decision was made reluctantly, in the interest of avoiding further delays.
The SEC fined Villar Land and its directors and officers P12 million in total for the delay in submission of financial reports.
Moreover, P2,000 per day will be added for the delay from July 1, 2025, until submission of its 2024 Annual Report and Q1 2025 Quarterly Report.
The order that they received on August 18, 2025, also requires the corporation to explain the alleged violations of securities and corporate laws.
