FNI chair on leave amid citizenship issue

Global Ferronickel Holdings Inc. chairman Joseph Sy is on voluntary leave to address personal legal matters concerning his citizenship.

Sy was arrested by the Bureau of Immigration on August 21 at Ninoy Aquino International Airport Terminal 3 upon arrival from Hong Kong, as his biometrics matched those of a Chinese citizen.

FNI denounced Sy's arrest, stating that his citizenship has been confirmed by at least six rulings from the BI, the Department of Justice, the Office of the President, the Securities and Exchange Commission, and the Supreme Court.

In Sy's absence, president Dante Bravo has been elected as the new chairman, effective August 27, and will serve in both capacities.

The company's board has also created a new position of vice chairman, appointing lead independent director Jaime del Rosario to enhance governance checks and provide oversight.

Del Rosario will preside over meetings in the chairman's absence and serve as an intermediary between the chairman and other directors.