September 5, 2025 | 12:00am
MANILA, Philippines — Villar Land Holdings Corp. of tycoon Manuel Villar Jr. has appealed the multimillion-peso penalty handed down by the Securities and Trade Fee, chairman Francis Lim mentioned yesterday.
Lim mentioned Villar Land filed a movement for reconsideration of the penalty imposed for the corporate’s failure to submit its audited monetary statements for 2024 and the primary quarter of this yr.
“Mainly, (they’re) saying that they can’t be penalized as a result of they acted in good religion and so they must resolve the problems first with exterior legislation,” Lim advised reporters.
Lim mentioned the investigation into the circumstances involving Villar Land continues to be ongoing, with the findings set to find out whether or not prison costs might be pursued in opposition to the corporate.
“As I mentioned, now we have to behave as pretty as doable primarily based on what we discover… We are going to resolve come what may whether or not or to not file prison actions. It actually is determined by the information and proof that we are going to collect,” he mentioned.
In its order dated Aug. 18, the SEC slapped an administrative fantastic of P12 million in opposition to Villar Land and 11 of its administrators, together with Senators Camille and Mark Villar.
The administrators have been additionally ordered to pay P2,000 every for on daily basis of delay, beginning July 1, in submitting the corporate’s monetary experiences.
Moreover, Villar Land was directed to elucidate why it shouldn’t be held administratively chargeable for violations of the Securities Regulation Code and the Revised Company Code of the Philippines, amongst others.
The corporate, in the meantime, welcomed the chance to elucidate its aspect on the problems raised by the company regulator and mentioned it might reply in the end.
Buying and selling of Villar Land shares has been suspended since Could 16 following the corporate’s failure to file its monetary experiences.
