Global Ferronickel Holdings, Inc. (FNI) said Joseph Sy has resigned as director, effective immediately, citing personal reasons and the “best interests” of the company.
In a disclosure to the Exchange, the nickel miner thanked Sy for his service and said it would issue further disclosures should there be developments affecting the board.
The resignation comes as Sy faces mounting scrutiny from government agencies. The National Intelligence Coordinating Agency (NICA) has been monitoring him over potential national security concerns, while the Bureau of Immigration (BI) has challenged his Filipino citizenship. The BI has alleged that Sy’s real name is Chen Zhong Zhen and that he falsified his citizenship status—claims that remain unresolved.
Sy is a majority shareholder of Global Ferronickel, a key supplier of nickel ore to the global stainless steel and battery materials markets. He previously served in the Philippine Coast Guard Auxiliary but was later removed from the group.
FNI did not address the allegations directly, focusing instead on governance continuity. The company said it remains compliant with disclosure and corporate governance requirements as it manages the fallout from Sy’s exit.
The development adds to investor attention on governance and regulatory risk in the mining sector, particularly as demand for nickel—critical to electric vehicle supply chains—continues to grow.
