NBI nabs SEC director over extortion case
The National Bureau of Investigation, in coordination with the Securities and Exchange Commission (SEC), arrested an unnamed director of the corporate regulator who was accused of extorting funds from a private corporation.
The SEC did not identify the official or disclose additional details to preserve the integrity of the investigation, saying only that it immediately placed the director under preventive suspension after a purported entrapment operation.
Business as usual
“Rest assured, however, that operations in the SEC will carry on as usual and will be unhampered by this development,” it said.
SEC Chair Francis Lim said the commission takes allegations involving misconduct and breaches of public trust seriously, stressing that it maintains a strict stance against unlawful acts within its ranks.
“As overseer of the corporate sector and regulator of the capital market, the commission maintains zero tolerance against unlawful practices within its walls and will not hesitate to take drastic actions against erring individuals from its ranks,” Lim said.
The SEC said it remains committed to investigating reports of wrongdoing involving its personnel and taking appropriate action in accordance with existing laws, rules and regulations.
It also encouraged the public to report any irregularities or unethical practices encountered in transactions involving SEC personnel.
