The documents I have in possession establish the acquisition, revaluation, and recognition of enormous accounting gains. They also establish that Villar Land subsequently carried an extraordinary stock-market valuation.

The Villar Land affair began as a valuation scandal. It became a disclosure and market-integrity scandal. It now has a potentially more material issue.

The documents I have in possession establish the acquisition, revaluation, and recognition of enormous accounting gains. They also establish that Villar Land subsequently carried…