Global Ferronickel Holdings Inc. (FNI) shares fell in Tuesday trade as company chairman Joseph Sy remained under the custody of the Bureau of Immigration amid continuing dispute over his citizenship.
FNI closed at P1.23, down P0.17 or 12.14 percent from Friday’s close of P1.40. Local markets were shut on Monday for National Heroes Day.
The company confirmed that Sy has been detained since August 21 following what it called “unfounded allegations” that he is an overstaying alien.
In a reply to a Philippine Stock Exchange (PSE) query, FNI said Sy has categorically denied the allegations and has filed a motion to dismiss the case with the bureau.
“The company maintains its position that Mr. Sy is a Filipino citizen and disputes any assertion to the contrary,” FNI said.
Still, the board acknowledged the material impact of the issue and said it has begun an internal review. If Sy were eventually declared an alien, FNI said it would comply with nationality requirements by divesting his shareholdings to qualified holders “without affecting the continuity of the Company’s business operations.”
The company emphasized that the case is personal to Sy and does not directly affect its corporate operations.
“FNI, as a corporation, has a separate and independent juridical personality … The Company continues to operate in the ordinary course of business with its full management and organizational complement,” it said.
