Global Ferronickel Holdings releases an Official Statement on the detention of its Chairman, Joseph Sy

In a PSE Disclosure, Global Ferronickel Holdings released an official statement on the detention of its chairman, Joseph Sy, for an allegation of being an “overstaying alien.”

​“We wish to inform our stakeholders and the investing public that our Chairman, Mr. Joseph Sy, has been placed under detention on the unfounded allegation of being an “overstaying alien.”

This charge is without lawful basis. Mr. Sy is a Filipino citizen, as affirmed in multiple rulings by government agencies and institutions—including the Bureau of Immigration, the Department of Justice, the Office of the President, the Securities and Exchange Commission, and the Supreme Court.

Upon his recent arrival in the Philippines, Mr. Sy presented his valid Philippine passport—by law, an official proof of his Filipino nationality. As the Supreme Court has emphasized, a passport carries the solemn authority of the Republic, recognizing its bearer as a Filipino citizen and commanding protection accordingly. To deny this is to disregard the authority of the law itself.

Mr. Sy has never been involved in any criminal activity. Any attempt to associate him with controversial personalities is grossly unfair. On the contrary, he is a longstanding, multi-awarded business leader whose philanthropic initiatives and corporate endeavors have created livelihood opportunities and socio-economic infrastructure for communities.

Under his leadership, companies within the FNI Group have also made substantial contributions to the Philippine economy through taxes and regulatory fees paid to the government.

We are confident that this matter will be resolved in accordance with the rule of law. In the meantime, we assure all stakeholders that the operations of FNI and its subsidiaries remain stable, unaffected, and fully compliant with all applicable regulations.

FNI remains steadfast in its commitment to integrity in business, operational stability, and the protection of shareholder interests.”
 
Global Ferronickel Holdings, Inc. (PSE: FNI) is a holding company whose principal subsidiary is Platinum Group Metals Corporation, the Philippines’ second largest nickel ore producer with mining assets in Claver, Surigao del Norte and Brooke’s Point, Palawan. Through our presence across the Philippines and in China, we are pursuing a multi-pronged strategy to diversify our investment portfolio into value added nickel processing, cement manufacturing, and port operations and logistics.