00:00Property tycoon Manny Villar and members of his family have been subpoenaed over alleged
00:05violations of the Securities Regulation Code. This was linked to a criminal complaint filed
00:10on January 30 by the Securities and Exchange Commission. The Department of Justice says
00:14the SEC complaint passed initial evaluation and will proceed to preliminary investigation.
00:20DOJ spokesperson Polo Martinez says subpoenas were served on Villar, his wife former Senator
00:25Cynthia Villar, their children Senators Mark Villar and Camille Villar, businessman Mark Paolo Villar,
00:30and other respondents. The SEC complaint focuses on Villar Land's public release of its 2024
00:36financial statements which reported total assets of 1.33 trillion pesos and nearly 1 trillion
00:41pesos in net income. In a statement Manny Villar says Villar Land has quote consistently upheld the
00:47highest standards of good corporate governance. The Villar family adds they will respond to the
00:52allegations in the proper forum after receiving copies of the complaint.
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