MANILA, Oct. 16 -- A bizarre series of transactions involving a stretch of land on the outskirts of Manila has thrust the business empire of Manuel Villar, the Philippines' richest man, under intense regulatory scrutiny after his publicly traded company announced a staggering US$23.3 billion valuation gain on the property, only to reverse it months later.

The episode began when Villar's Golden MV Holdings Inc - a developer of cemeteries and memorial parks - acquired the land from other entities controlled by the billionaire for just US, Bloomberg reported.

The astronomical gain, which would have made Golden MV's 2024 net income a record for the Philippines, immediately perplexed Manila's financial community.

The company's stock was hal...