Joseph C. Sy, Chairman of Global Ferronickel Holdings Inc. (FNI), has taken a voluntary leave of absence following serious allegations questioning the legitimacy of his Filipino citizenship.
In a disclosure form addressed to the Philippine Stock Exchange (PSE) on Thursday, FNI announced that the decision was made during the Board of Directors' meeting on August 27 and would take effect immediately.
“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 company said in a statement.
The controversy began when Senator Risa Hontiveros revealed on Wednesday, August 27, that fingerprints on Joseph Sy's passport matched those of Chinese national Chen Zhong Zhen, sparking claims that they are the same individual.
In response to Sy's leave, the Board elected FNI President Dante R. Bravo as the new Chairman. He will now serve concurrently as President and Chairman, with the Board and Corporate Governance Committee set to review his dual role annually.
To reinforce governance oversight, the company also created the position of Vice Chairman. Lead Independent Director Jaime F. Del Rosario has been appointed to the post. The Vice Chairman will provide additional checks and balances, chair meetings in the Chairman's absence, and help evaluate the Chairman's performance.
“These measures underscore FNI's commitment to stability, transparency, and strong corporate governance,” the company added.
FNI is one of the country’s leading nickel mining firms and is publicly listed on the PSE.
