NATIONAL
Advocates Philippines
Is Joseph Sy Filipino? Arrest Sparks Corporate Shake-Up And Legal Clash
Photo credit: FNI
MANILA, Philippines — A simple flight home turned into a national controversy when Joseph C. Sy, chairman of Global Ferronickel Holdings, Inc. (FNI), was arrested on August 21, 2025, at the Ninoy Aquino International Airport. The Bureau of Immigration (BI) accused Sy of misrepresenting his Filipino citizenship, a claim that has rocked the mining industry and spooked the stock market.
The BI insists Sy is actually Chen Zhong Zhen, a Chinese national whose biometrics matched their records. They allege that he falsely claimed to be a natural-born Filipino without undergoing naturalization and even entered the country using illegally obtained Philippine documents, including a valid passport issued in 2021. Deportation proceedings are already underway.
Sy’s camp and his company strongly deny these accusations, saying his Filipino citizenship has been affirmed by multiple government agencies, including the BI itself, the Department of Justice, the Office of the President, the Securities and Exchange Commission, and the Supreme Court. FNI denounced the arrest as unfounded and damaging to the company and its stakeholders.
The Philippine Nickel Industry Association (PNIA) also condemned the arrest, warning that the incident sends the wrong signal to investors at a time when the Philippines is trying to position itself as a global leader in mining. The group called the detention a grave injustice and a blow to investor confidence.
The Securities and Exchange Commission reminded all publicly listed companies of their duty to disclose material information that could affect investor decisions. It assured the public that it is monitoring the situation closely to uphold transparency and market integrity.
The controversy quickly spilled into the stock market. On August 26, the Philippine Stock Exchange imposed a one-hour trading halt on FNI shares to give investors time to digest the news. By August 29, FNI shares dropped to ₱1.29 each, down 0.77 percent.
To stabilize operations, FNI announced that Joseph Sy had taken a voluntary leave of absence effective August 27. The board elected company president Dante R. Bravo as the new chairman while creating a new vice chairman position filled by lead independent director Jaime F. Del Rosario to strengthen governance and oversight. The company said these measures reflect its commitment to stability and transparency while continuing business as usual.
Meanwhile, the legal drama intensified. On September 4, the Taguig Regional Trial Court granted a writ of habeas corpus and ordered Sy’s release, ruling that the BI had no jurisdiction. But the BI refused to release him and filed an appeal with the Court of Appeals the next day, insisting that Sy remains a Chinese national, supported by biometric evidence. As of September 7, Sy remains in BI custody while the case moves forward.
The BI insists Sy is actually Chen Zhong Zhen, a Chinese national whose biometrics matched their records. They allege that he falsely claimed to be a natural-born Filipino without undergoing naturalization and even entered the country using illegally obtained Philippine documents, including a valid passport issued in 2021. Deportation proceedings are already underway.
Sy’s camp and his company strongly deny these accusations, saying his Filipino citizenship has been affirmed by multiple government agencies, including the BI itself, the Department of Justice, the Office of the President, the Securities and Exchange Commission, and the Supreme Court. FNI denounced the arrest as unfounded and damaging to the company and its stakeholders.
The Philippine Nickel Industry Association (PNIA) also condemned the arrest, warning that the incident sends the wrong signal to investors at a time when the Philippines is trying to position itself as a global leader in mining. The group called the detention a grave injustice and a blow to investor confidence.
The Securities and Exchange Commission reminded all publicly listed companies of their duty to disclose material information that could affect investor decisions. It assured the public that it is monitoring the situation closely to uphold transparency and market integrity.
The controversy quickly spilled into the stock market. On August 26, the Philippine Stock Exchange imposed a one-hour trading halt on FNI shares to give investors time to digest the news. By August 29, FNI shares dropped to ₱1.29 each, down 0.77 percent.
To stabilize operations, FNI announced that Joseph Sy had taken a voluntary leave of absence effective August 27. The board elected company president Dante R. Bravo as the new chairman while creating a new vice chairman position filled by lead independent director Jaime F. Del Rosario to strengthen governance and oversight. The company said these measures reflect its commitment to stability and transparency while continuing business as usual.
Meanwhile, the legal drama intensified. On September 4, the Taguig Regional Trial Court granted a writ of habeas corpus and ordered Sy’s release, ruling that the BI had no jurisdiction. But the BI refused to release him and filed an appeal with the Court of Appeals the next day, insisting that Sy remains a Chinese national, supported by biometric evidence. As of September 7, Sy remains in BI custody while the case moves forward.
Sep 7, 2025
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