A DIRECTOR of the Securities and Exchange Commission (SEC) has been arrested by the National Bureau of Investigation (NBI) over allegations of extortion involving a private corporation.
The corporate regulator confirmed the arrest and said the official had been placed under preventive suspension. It did not name the director, the office involved, nor provided other details of the supposed extortion attempt.
“The SEC takes allegations of misconduct and breach of public trust very seriously,” SEC Chairman Francis Lim said in a statement.
“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,” he added.
The regulator said the arrest stemmed from an entrapment operation conducted by the NBI in coordination with the SEC. It added that operations at the commission would continue and would not be disrupted by the development.
The SEC urged the public to report alleged irregularities or unethical conduct involving commission personnel through its online complaint platform, saying the claims would be investigated in accordance with existing laws and regulations.
