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.

“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).

The SEC added that any action its takes 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.”

FNI said in a disclosure to the PSE that, “We are confident that this matter will be resolved in accordance with the rule of law. In the meantime, we assure all stakeholders that the operations of FNI and its subsidiaries remain stable, unaffected, and fully compliant with all applicable regulations.”

“FNI remains steadfast in its commitment to integrity in business, operational stability, and the protection of shareholder interests,” it added.

The firm said the charge against Sy is “without lawful basis” and he is a Filipino citizen as affirmed in multiple rulings by government agencies and institutions—including the Bureau of Immigration (BI), the Department of Justice (DOJ), the Office of the President (OP), the SEC, and the Supreme Court (SC).

“Upon his recent arrival in the Philippines, Mr. Sy presented his valid Philippine passport—by law, an official proof of his Filipino nationality. As the SC has emphasized, a passport carries the solemn authority of the Republic, recognizing its bearer as a Filipino citizen and commanding protection accordingly. To deny this is to disregard the authority of the law itself,” said FNI.

It noted that Sy has never been involved in any criminal activity and “any attempt to associate him with controversial personalities is grossly unfair.”