Manila: Prosecutors on Monday resumed their preliminary investigation into regulators' complaints against officials of Villar Land Holdings Corp. for alleged market manipulation, insider trading, and misleading disclosures that distorted share prices. Siblings Mark and Camille Villar personally filed counter-affidavits, formally denying wrongdoing, while defense counsel insisted that all actions were carried out in good faith and with transparency.
According to Philippines News Agency, Lawyer Regine Peralta-Abrera, one of the defense counsels for the Villars, denies any wrongdoing and said the lawmaker's actions as a company director were performed in good faith and based on independent assessments. 'All actions were made in good faith and to ensure transparency. There's absolutely no evidence of fraud or infidelity,' she said. 'He (Mark Villar) actually welcomes the opportunity to address the allegations against him in the proper legal process, and he's confident that a fair review of the facts would show that the charges have no basis,' she added.
Another lawyer, Robel Lomibao, counsel for Villar Land Holdings Corp., stated that the company and its officers likewise deny any violations. 'In our opinion, Villar Land Holdings Corp. and its officers did not commit any wrongdoing,' Lomibao said. Lomibao said their legal team has taken steps allowed under DOJ rules, including the filing of verified manifestations and motions, as well as counter-affidavits for other respondents.
Lomibao's law firm represents Villar Land Holdings Corporation, former senator Manuel Villar Jr., former senator Cynthia Villar, Sen. Camille Villar, Sen. Mark Villar, Manuel Paolo Villar, and other officers of the corporation. His clients, including former senators Manuel and Cynthia Villar, filed a verified manifestation and motion instead of counter-affidavits. 'The verified manifestation and motion. will be considered by the panel, already containing the defenses of the respondent,' the prosecution panel's Senior State Prosecutor Peter Ong said.
'We will fully cooperate in a fair and impartial investigation-one that is grounded in due process and respects the rights of individuals,' Lomibao said.
