Breaking
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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.”
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| 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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