SEC fines Villar Land PHP12M for delayed reports

The Securities and Exchange Commission (SEC) fined Villar Land Holdings a total of PHP12 million for failing to submit its financial reports by the mandatory deadline.

Villar Land issued a clarification stating that the delay was due to varying requests from its auditor, Punongbayan & Araullo, for additional audit procedures regarding the valuation of properties acquired in 2024.

The SEC imposed PHP1 million administrative fines each against Villar Land and eleven officials, including Chairman Manuel B. Villar Jr., President Cynthia Javarez, and Senators Mark and Camille Villar.

Despite changing its accounting policy and retaining external auditors for acquired companies, Villar Land continues to face delays due to requests for additional appraisals.

The SEC denied Villar Land's request for an extension to submit the reports by August 31, emphasizing the mandatory nature of timely submissions under the Securities Regulation Code (SRC).

Villar Land shares have been suspended since May 16 and are unchanged at PHP2,296 per share as of writing.

The company postponed its annual stockholders' meeting to October 20 from September 3.

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