MANILA, Philippines, March 2, 2026 — The Department of Justice (DOJ) has issued subpoenas to members of the Villar family and executives of Villar Land Holdings Corp. following a complaint filed by the Securities and Exchange Commission (SEC) alleging market manipulation, insider trading, and misleading disclosures.

DOJ spokesperson Polo Martinez confirmed that “subpoenas have been served upon the respondents” after the SEC lodged its complaint last Friday. 

The SEC accused Villar Land, formerly Golden MV Holdings Inc., of violating Republic Act No. 8799, or the Securities Regulation Code, “for making false or misleading statements and engaging in acts that operated as fraud or deceit upon investors.”

Named respondents include Villar Land chairperson and former senator Manuel Villar Jr., former senator Cynthia Villar, their children Senator Mark Villar, Senator Camille Villar, and Manuel Paolo Villar, along with several directors and executives of affiliated companies.

The DOJ said the case will undergo preliminary investigation to determine if there is sufficient basis to pursue charges. 

“The DOJ will determine if there is merit to the allegations by the SEC. Of course, as a matter of procedure, all respondents will be given an opportunity to present their defenses,” the agency stated. The preliminary investigation has been scheduled for March 16, 2026.

The SEC’s complaint centers on alleged fraudulent disclosures and insider trading activities tied to Villar Land’s operations, which regulators claim misled investors and manipulated market activity. 

The case is being closely watched by the business community, given the Villar family’s prominence in real estate, retail, and infrastructure.