go through Revin Mikhael D. Ochave, reporter
Global Ferronickel Holdings, Inc. (FNI) shares fell Tuesday as investors reacted to mining company chairman Joseph C. Sy, who accused him of misrepresenting his citizenship.
FNI shares fell 12.14% or 17 Centavos to P1.23 at the end of Tuesday’s trading.
AP Securities, Inc. Ap Securities, Inc. “The decline in FNI’s stock price is related to the arrest of its chairman, Joseph C. Sy, due to the alleged violation of immigration,” said Viber’s message.
He added: “It is very likely that sentiment towards the company will not improve until the problem is resolved.”
In a separate stock exchange disclosure on Tuesday, the FNI said Mr. SY has been detained by the Immigration Bureau (BI), claiming SY is a “overdue alien”.
Mr. SY was arrested on August 21 and is now facing a distortion case in deportation.
However, the FNI said that since Mr. Sy was a Filipino citizen, there was no “no legal basis” for the allegations, as various government agencies including the BI, the Justice Department, the President’s Office, the Securities and Exchange Commission and the Supreme Court confirmed in multiple rulings.
FNI also said that Mr. Sy formally filed the BI’s allegations through a motion to dismiss BI.
“We are confident that we can resolve this issue under the rule of law. At the same time, we assure all stakeholders that the operations of FNI and its subsidiaries remain stable, unaffected and fully comply with all applicable regulations,” FNI said.
The FNI also noted that Mr. Sy had never been involved in any criminal activities, calling him a long-standing business leader whose plans created livelihood opportunities and socio-economic infrastructure for the community.
Meanwhile, FNI said it has initiated an internal review of the issues involving Mr. SY.
If Mr. Sy is considered an alien, the FNI said it is ready to meet state requirements by divesting its shares to qualified holders and coordinating with regulators to fulfill all legal and administrative obligations.
The company said it will also implement company actions to ensure continuity of leadership and business operations.
“The citizenship case involving Mr. Joseph Salter is associated with him in his personal capacity. As a company, FNI has an independent and independent legal personality with shareholders and officials. The company continues to operate in ordinary business with its comprehensive management and organizational supplements in its normal business,” it said.
FNI is engaged in nickel ore mining, logistics, cement and steel production and port operations.
