SEC monitoring FNI chair Sy's arrest for misrepresentation

The Securities and Exchange Commission (SEC) is closely monitoring the arrest of Global Ferronickel Holdings Inc. (FNI) chair Joseph Sy, who was apprehended on August 21 for alleged misrepresentation of his citizenship.

The SEC stated that it would evaluate if further action is necessary following the developments of Sy's case.

The regulator also reminded publicly listed companies of their obligation to promptly disclose material developments that could affect investor decisions, as required by the Securities Regulation Code and the Philippine Stock Exchange.

FNI released a statement on Tuesday, five days after Sy's arrest, asserting that the charges against him lack legal basis and that Sy is a Filipino citizen, a status affirmed by various government bodies including the Bureau of Immigration, Department of Justice, Office of the President, SEC, and the Supreme Court.