The Philippine Securities and Exchange Commission has filed a criminal complaint seeking to prosecute property tycoon Manuel Villar and his listed flagship Villar Land along with the company’s directors for alleged market manipulation and insider trading.

Villar Land (formerly Golden MV Holdings) is being charged for “making false or misleading statements and engaging in acts that operated as fraud or deceit upon investors,” the SEC said in a statement Saturday.

The company and its directors will respond to all the allegations after official receipt of the SEC’s complaint, Vista Land said in a statement. SEC filed the request to prosecute Villar, his company and its directors with the Department of Justice Friday.

Aside from Villar, a former Senate president, the other respondents named in the complaint include his wife and former senator Cynthia Villar, and their children Manuel Paolo Villar, Camille Villar, and Mark Villar. Both Camille and Mark are sitting senators and directors of Villar Land, along with Manuel Paolo.

Villar—No.3 in Forbes Asia’s list of the Philippines 50 richest list that was published in August—is the most high profile........

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