The asset valuer of Villar Land Holdings Corp. has been ordered to explain its valuation of the properties, which are currently the subject of an ongoing probe by the Securities and Exchange Commission.
In a letter dated Sept. 29, the SEC Office of the General Accountant directed E-Value Phils Inc. to explain why it should not be penalized due to its valuation of 366.34 hectares of land owned by Althorp Land Holdings Inc., Chalgrove Properties Inc. and Los Valores Corp.
Villar Land bought the properties last year for P5.2 billion.
Trillion-peso valuation
Based on E-Value’s initial valuation report, the assets of these companies were valued at P1.34 trillion, leading to the controversial trillion-peso valuation of Villar Land.
The company led by the powerful Villar family was recently ordered to pay P12 million in fines for failing to submit its audited financial statements on time. It has since appealed this order.
‘The SEC will continue to investigate this matter thoroughly in the interest of upholding transparency and accountability in valuation practices and accuracy in financial reporting,’ the corporate watchdog said