THEhe Securities and Exchange Commission (SEC) on Tuesday, August 26, reminded publicly listed companies to disclose all information that are relevant to their investors.
This, after the Commission learned about the arrest of Global Ferronickel Holdings Inc. chair Joseph Sy at the Ninoy Aquino International Airport on Aug. 21 on alleged citizenship misrepresentation.
“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,” SEC said in a statement Tuesday.
Citing Rule 17.1.1 of the Implementing Rules and Regulations (IRR) of the Securities Regulation Code, and the Consolidated Listing and Disclosure Rules of the Philippine Stock Exchange (PSE), SEC explained that listed firms must disclose all information surrounding the company and its officers because these “may influence investors’ decisions.”
“Any action taken by the SEC on the matter will be in line with promoting transparency and confidence in the markets, especially matters that affect the governance of publicly listed companies. The Commission reiterates its commitment to upholding the interests of the investing public and ensuring that the integrity of the capital market is preserved,” it added.
Meanwhile, the Philippine Nickel Industry Association (PNIA) on Tuesday urged for Sy’s immediate release, saying the latter “was unlawfully arrested by the Bureau of Immigration (BI) and remains under illegal detention” following his arrest.
It said Sy is a Filipino citizen and this “has already been affirmed by Philippine authorities, in particular by the BI in two separate rulings.”
“It is therefore deeply troubling and legally inconsistent that the BI which twice recognized his citizenship is now the very source of his illegal arrest and unlawful detention. His continued detention on mere suspicion of being an alien, without lawful basis and outside the BI’s jurisdiction, is a grave injustice and a violation of the fundamental principles of due process,” it said.
“This incident sends the wrong message to the business and investment community at a time when the Philippines is working to boost investor confidence in the mining industry and position itself as a global leader in responsible and competitive mineral development. No Filipino citizen deserves to be treated in this manner, least of all by institutions mandated to protect our rights and uphold the rule of law.” (PNA)
