Mining magnate Joseph Sy on leave amid citizenship probe
Metro Manila, Philippines - Joseph Sy, chairperson of listed nickel mining firm Global Ferronickel Holdings Inc. (FNI), took a voluntary leave of absence amid allegations of falsification of his Filipino citizenship.
The FNI’s board of directors announced that it approved Sy’s leave after a meeting on Wednesday, Aug. 27.
“This decision reflects the Board’s commitment to allowing Mr. Sy to focus on resolving his personal legal matters while safeguarding the best interests of the Company and its stakeholders,” the listed company said in a disclosure on Thursday, Aug. 28.
Sy was arrested at the Ninoy Aquino International Airport Terminal 3 on Aug. 21. He is currently detained at the Bureau of Immigration facility in Camp Bagong Diwa, Taguig City pending deportation.
The Bureau of Immigration said it received information that Sy was using illegally acquired Philippine documents, adding his fingerprints matched those of Chinese national Chen Zhong Zhen.
FNI has denied the allegations that Sy was an “overstaying alien,” stressing that he is a Filipino citizen that has never been involved in any criminal activity.
In a privilege speech on Wednesday, Sen. Risa Hontiveros called for a deeper Senate investigation on Sy, as she flagged what she called “suspicious” activities and connections linked to the businessman.
READ: Hontiveros flags suspicious ties of mining mogul Joseph Sy, urges Senate probe
Hontiveros likened the case to that of former Bamban, Tarlac mayor Alice Guo, who was dismissed after authorities established that she is a Chinese national linked to illegal offshore gaming operations.
“Pilipino daw siya dahil may passport naman at late-registered birth certificate. Pero, hindi ba Mr. president, ganoon din ang ginawa ni Alice Guo,” Hontiveros said.
[The assertion was that he is a Filipino with a Philippine passport, and a late-registered birth certificate. However, Mr. President, wasn’t this the same scheme of Alice Guo?]
What happens if Sy is found to be an ‘alien’
In a disclosure on Tuesday, the FNI also answered the queries of the Philippine Stock Exchange regarding the possible impact if the government finds Sy as an “alien.”
The listed company also explained that Sy’s citizenship case pertained to the mining mogul in his personal capacity, and that it would continue to operate in “the ordinary course of business.”
“In the remotest event that a final and executory determination is issued by the appropriate government authorities declaring Mr. Sy to be an alien, compliance with nationality requirements may be effected through the divestment of his shareholdings to qualified holders, without affecting the continuity of the Company’s business operations,” it said.
The FNI said it would take necessary actions such as coordinating with relevant regulatory agencies, implementing actions to safeguard the continuity of leadership and business operations, and making timely disclosures.
With Sy on LOA, the FNI board elected its president Dante Bravo as board’s chairman. The board also created the role of vice chairman of the board to “strengthen independent oversight,” then appointed the company’s lead independent director Jaime Del Rosario to the position.
