SEC accuses Philippine casino tycoon of market manipulation

Summary

The Philippine Securities and Exchange Commission (SEC) has filed charges against Manuel Villar and Villar Land (formerly Golden MV Holdings) for allegedly making false or misleading statements and engaging in acts that defrauded investors. The case centres on the revaluation of land tied to the Villar City 3,500-hectare mixed-use project in Manila, which includes plans for two casinos.

Villar Land reported unaudited 2024 assets of PHP1.33 trillion after revaluing a parcel bought for PHP5.2 billion — a near 25,000% uplift — and disclosed net income of PHP999.7 billion. An audit later cut reported assets to PHP35.7 billion. The SEC named Manuel Villar, former Senator Cynthia Villar, several family directors and independent directors in the action, and has also implicated Infra Holdings Corp and MGS Construction for allegedly creating artificial trading demand. Villar Land shares surged after the disclosure but have since fallen over 70% amid the probe; Forbes reports Manuel Villar’s net worth has dropped by about $1bn since the SEC filing.

Key Points

The SEC alleges Villar and Villar Land made false or misleading statements regarding land valuation linked to Villar City.
An extreme revaluation in 2024 pushed reported assets to PHP1.33tn, later reduced to PHP35.7bn after audit.
Multiple Villars — Manuel, Cynthia and other family directors — plus independent directors have been named in the charges.
Cynthia Villar faces an insider trading allegation over a December 2017 share purchase ahead of a price-moving disclosure.
Infra Holdings and MGS Construction are accused of trading to artificially support Villar Land’s share price.
Villar Land’s market value peaked at around PHP1.5tn but shares have plunged over 70% since the SEC inquiry began.

Why should I read this?

Because this is messy, big-money drama that hits corporate governance, casino projects and investor trust all at once — and if you follow Philippine markets, iGaming investment or regional M&A, it’s the sort of story that changes deal psychology overnight. We skimmed the legal bits so you don’t have to.

Context and relevance

This case matters beyond one family or company. It puts a spotlight on valuation practices, board oversight and market integrity in the Philippines — a jurisdiction where large integrated casino and property projects draw heavy investor interest. Regulators are signalling they will act to protect investor confidence, which could lead to tighter disclosures, tougher audits and greater scrutiny of related-party or rapid revaluation transactions across the property and gaming sectors. For operators, investors and advisers, the outcome may affect funding, share-price volatility and regulatory expectations across the region.