BREAKING NEWS!!!: SEC affirms shutdown of Ressa's RAPPLER

BREAKING NEWS!!!: SEC affirms shutdown of Ressa's RAPPLER


Breaking news!!!


The Securities and Exchange Commission (SEC) has upheld its 2018 decision to order the shutdown of news company Rappler Inc.,this was confirmed by its CEO and Nobel Peace prize awardee Maria Ressa.


In a statement made at the East West Center conference, Ressa said the SEC “affirmed its earlier decision to revoke the certificates of incorporation of Rappler Inc. and Rappler Holdings Corporation.”

Rappler's CEO Maria Ressa
(photo credit to owner)


“We were notified by our lawyers of this ruling that effectively confirmed the shut down of Rappler,” she added.


The order is dated June 28, but a copy of it has yet to be made public. 

Ressa, who was speaking at the conference said they will appeal the decision, especially that the “proceedings were highly irregular.”

 History of the case


The issue steemed from the previous SEC order that cancelled the certificate of incorporation of Rappler site operator and Omidyar Network’s PDR — a financial instrument that gives foreign investors passive economic interest in a Philippine company — in January 2018. The regulatory body held that the company allegedly violated the constitutional and statutory Foreign Equity Restriction in Mass Media.

Rappler appealed the SEC ruling before the Court of Appeals, which ordered the regulatory body to look into the effects of Omidyar’s donation. Omidyar is a "philanthropic investment firm" founded by French-born Iranian-American billionaire Pierre Omidyar.

But, according to their lawyer Francis Lim’s update in November 2021, the SEC "submitted a report to the Court of Appeals saying it [donation] has no effect without giving us the opportunity to comment on the effect." The report was without comment from Rappler.

Lim said they also filed an appeal before the SEC panel on its report.

"It depends on how the [CA] views the SEC decision upholding the revocation, whether it’s already final and therefore cannot be revisited by the same division of the Court of Appeals," Lim said then.

Ressa, however, said it will be “business as usual at Rappler since in our view, this is not immediately executory without court approval.”



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Report from Philstar


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