Filipino property billionaire Manuel Villar’s $ 24 billion mystery

Property Tycoon Manual Villar’s mentioned flagship Villar Land (formerly Golden MV Holdings) was in the spotlight this week when an order of the Securities and Exchange Commission revealed that the external auditor Punongbayan & Araullo owned the company’s owner. The order is linked to an investigation by the SEC that was started after a delay by Villar Land when submitting its annual financial statements before 2024.

In a non-suited financial report that was released in March, Villar Land booked the net profit of almost one trillion Pesos for 2024 (after providing a deferred tax obligation of 334 billion peso), an increase of 666% compared to the net profit of 1.5 billion PESOS reported in the previous year. This Bonanza was due to the company that achieved an enormous revaluation profit of 1.3 trillion pesos, the company said, after an assessment was carried out to determine the real market value of the 366-Hectare land package that it had purchased from Villar’s private companies last October for 5.2 billion pesos.

Villar Land together with Villar, his drivers (including the three children of the billionaire Paolo, Mark and Camille) and important managers were beaten with 12 million pesos in combined fines by the SEC for approving and releasing the non -uewithed financial overviews of the company before the rating of the real estate.

“There is reason to find them administratively liable for gross negligence or evil loyalty [for] causing the release of public disclosure that is apparently incorrect, inaccurate or misleading, “said the SEC in his sequence.

Since the land purchase was announced in October, Villar Land shares have had a gravity -fed run on the stock market that made it the most valuable company in the country with its market capitalization that shoots up to 1.5 trillion pesos ($ 26 billion). That surpassed the valuations of the SM investments of the Sy -Broers and sisters and billionaire Ramon Ang’s San Miguel, both legendary companies with different companies. The Philippine Stock Exchange suspended the trade in the shares of the company in May for not submitting its financial statements for 2024.

“Villar Land and its directors and officers welcome the chance to explain their direction on the issues set out and will respond to the order of the SEC in due course,” the company said in a statement.

“This law or scheme would very well misled the investing public, those who are generally finished with the company or market.”

In their disclosure of March, “Villar Land, including its directors and managers,” tried to make publicly known, substantial profit of real value and to increase the total assets of the company as a result of value valuation of certain property, “said the sec.” The same winnings and increase in assets were later reported or tested, verification, Verfiging, Verfing, Verfing, Verfing, Verfing, Verfing. External auditor. This law or regulation could mislead the investing public, who can deceive with the company or market in general. “

Villar Land, which started in the cemetery company and became known for its memorial parks, has a public faster of 11%, just above the mandatory minimum of 10%. The 366-Hectare Land Package under control is part of an estate of 3,500 hectares of mixed use in the province of Cavite, south of Manila, which the group wants to develop as the city of the future over the next three decades.

“It was clear that the auditor did not agree with the revaluation,” says John Gatmaytan, chairman of Manila, based in Luna Securities. “The auditor was brave in standing his ground.”

Although the company said that it “reluctantly suggested” to revise the appreciation of the country to 8.6 billion pesos to speed up Punongbayan and Araullo, Villar Land is on the fact that 1.3 trillion Pesos is a real value for the aforementioned real estate. “The company is convinced that it is the real value of Villar City components that must be reflected in his annual accounts,” the company said.

SEC chairman Francis Lim said in a text message that the regulator would take further action on Villar Land that can be justified by facts that are discovered by current investigations. “At stake here is the integrity of our stock market.”

Apart from his real estate activities, Villar – a former senator who ran for the president in 2010 – has interests in energy, media, retail, restaurants and a company for Water Utility. He was the third richest person in the Philippines with a net value of $ 11 billion on the list of the 50 richest of the Philippines that were published earlier this month.