FNI shares plunge after Sy's arrest; company says contingency ready

SHARES of Global Ferronickel Holdings, Inc. (FNI) fell on Tuesday as investors reacted to the arrest of the mining company’s chairman, Joseph C. Sy, over allegations that he misrepresented his citizenship.

- By Revin Mikhael D. Ochave

FNI shares sank by 12.14% or 17 centavos to P1.23 apiece at the close of Tuesday’s trading.

“Most likely the decline in the share price of FNI is related to the arrest of its chairman, Joseph C. Sy, due to alleged immigration violations,” AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message.

“Most likely sentiment towards the company won’t improve until the issue is resolved,” he added.

In separate stock exchange disclosures on Tuesday, FNI said Mr. Sy has been placed under detention by the Bureau of Immigration (BI) over an allegation of being an “overstaying alien.”

Mr. Sy, arrested on Aug. 21, now faces a deportation case for misrepresentation.