SEC monitoring arrest of Ferronickel chairman

MANILA, Philippines — The Securities and Exchange Commission (SEC) said it is closely monitoring the arrest of Global Ferronickel Holdings Inc. chairman Joseph Sy over allegations of misrepresentation of his citizenship.

In a statement, the SEC said that given Sy’s role as chairman of a publicly listed company, the commission will evaluate whether any action is warranted under its jurisdiction.

“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,” it said.

The SEC has 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 of the Securities Regulation Code, as well as the Consolidated Listing and Disclosure Rules of the Philippine Stock Exchange.

“The commission reiterates its commitment to upholding the interests of the investing public and ensuring that the integrity of the capital market is preserved,” the SEC said.

Sy was arrested at the Ninoy Aquino International Airport on Aug. 21 over allegations of misrepresentation of his citizenship.

According to the Bureau of Immigration, Sy’s fingerprints matched those of a Chinese national who had previously held long-term visas in the Philippines.

The BI also alleged that Sy used a Philippine passport issued in 2021 and local identification cards to claim Filipino citizenship despite lacking naturalization.

Sen. Risa Hontiveros likened Sy’s case to that of dismissed Tarlac town mayor Alice Guo, who was arrested for allegedly using fraudulent documents to secure Filipino citizenship.

Hontiveros expressed concern that Sy may have gained access to sensitive institutions, raising questions about the integrity of the country’s citizenship processes.

Mining industry associations such as Chamber of Mines of the Philippines and Philippine Nickel Industry Association, however, have condemned the businessman’s arrest and called for his immediate release. — Alden Monzon