Manila: The Securities and Exchange Commission (SEC) on Tuesday reminded publicly listed companies to disclose all information that are relevant to their investors. This reminder comes in the wake of the arrest of Global Ferronickel Holdings Inc. chair Joseph Sy at the Ninoy Aquino International Airport on August 21 over alleged citizenship misrepresentation.
According to Philippines News Agency, the SEC is closely monitoring the situation involving Joseph Sy and evaluating if any actions are necessary under its jurisdiction. The SEC emphasized the importance of transparency through 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). These regulations mandate that listed firms disclose all pertinent information about the company and its officers that could influence investors' decisions.
The SEC's statement underscored its commitment to market transparency and investor confidence, particularly in matters affecting the governance of publicly listed companies. The Commission reiterated its dedication to protecting investor interests and maintaining the integrity of the capital market.
Meanwhile, the Philippine Nickel Industry Association (PNIA) has called for Sy's immediate release, arguing that his arrest by the Bureau of Immigration (BI) was unlawful. The PNIA stated that Sy's Filipino citizenship has been affirmed by Philippine authorities, including the BI in two separate rulings. The association criticized the BI for the arrest, describing it as a grave injustice and a violation of due process.
The PNIA further warned that such incidents could negatively impact the business and investment climate in the Philippines, particularly as the country aims to boost confidence in its mining industry and position itself as a leader in responsible mineral development. The association emphasized that no Filipino citizen should endure such treatment, especially from institutions meant to uphold the law and protect citizens' rights.
