The National Bureau of Investigation in the Philippines coordinated an entrapment operation that resulted in the arrest of a Securities and Exchange Commission (SEC) director.

Authorities apprehended the official for allegedly extorting funds from a private corporation.

The commission immediately placed the director under preventive suspension while the official investigation continues.

Officials assured the public that regular operations at the agency will carry on as usual despite the recent development.

SEC Chairperson, Francis Lim, stated that the commission takes all allegations of misconduct and public trust breaches very seriously.

“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 said.

The agency serves as the primary overseer of the corporate sector and acts as the official regulator of the capital market.

The commission is now urging the public to report any irregularities or unethical practices involving its personnel.

Citizens can report these suspicious transactions directly through the official agency messaging portal.

The regulator remains committed to promptly investigating all reports and taking appropriate action in accordance with existing laws.

Featured image: Edited by Fintech News Philippines based on an image by tehcheesiong via Magnific.