SEC probes FNI chairman’s arrest

The Securities and Exchange Commission (SEC) is “closely monitoring” the arrest of Global Ferronickel Holdings Inc. (FNI) Chairman Joseph C. Sy over allegations of misrepresentation of his citizenship.

- By JAMES A. LOYOLA

“Given Mr. Sy’s role as chairman of a publicly listed company, the SEC is closely monitoring the matter and will evaluate whether any actions are warranted under its jurisdiction,” the Commission said.

It also reminded listed companies that all material developments that may influence investors’ decisions must be promptly disclosed to the public, pursuant to Rule 17.1.1 of the implementing rules and regulations (IRR) of the Securities Regulation Code (SRC), as well as the consolidated listing and disclosure rules of the Philippine Stock Exchange (PSE).