The Securities and Exchange Commission (sec) revoked the approval of Villar Land Holdings Corp. Upps’s appraiser, ie-value Phils, Inc., for failing to clarify its listed company properties.
The ECIC’s Office of the General Accountant (OGA) also imposed a maximum fine of P1 million for violation of Republic Act No. 8799, or security code, or commodity guidelines, the Administrator said in a statement on Monday.
In a separate letter, the OGA directed villar land subrelidies Althorp Land Holdings, Inc.
Oga also conducted an onsite inspection following the inspection of the sites of three companies under the Villar global group.
“It was discovered during the inspection that the e-value inspection reports were not in accordance with the internationally accepted IVS. This is in violation of the SRC,” said the SEC.
According to Mc 2, improper disclosure arises “when the report shows compliance with the standards but is not supported by sufficient documents or supporting documents that show otherwise.”
The SEC also noted that E-Value violated section 54 of the SRC, “which provides for administrative agencies that may be placed on companies for violating the law and its rules or orders.”
“It’s obvious that [E-Value] It failed to uphold the basic principles of freedom, technical competence, and impartiality required under the [IVS] and the Code of Conduct and Responsibilities in Construction Practice,” Oga’s letter said.
Oga also noted that e-value could not provide the documents that served as the basis of its assumptions and valuation methods that led to the increase in assets of P1.33-trillion in the property valuation areas of Villar.
“The majority of the misrepresentations were further emphasized by the fact that Villar Land is a publicly listed company and such information was used by investors to guide their investment decisions,” it added.
“[T]Low audit methods are adopted for the preparation and submission of audited financial statements of VLHC subsidiary companies, thereby extending the potential consequences of improper valuation to the entire group of companies and “says the letter.
In its 2024 annual report posted on the Philippine Stock Exchange Web site last week, Villarland set the final fair value of its newly acquired properties at P52.74 billion, much lower than the previous estimate of P1.33 Trillion.
Shares of Villar International on Monday were down 29.93% or P337 to close at P789 FIECE. – Beatriz Marie D. Cruz
