CA confirms the SEC order against Rappler

The decision of US investor Rappler to donate his $ 1.5 million investment to Filipino online information site managers may have already rectified his violation Constitutional prohibition of foreign ownership of the media.

But the 12th Special Division of the Court of Appeals also upheld the decision of the Securities and Exchange Commission (SEC) of January 11 to revoke Rappler's registration for violating restrictions on the company. foreign equity in the media. Malacañang welcomed the court's decision, saying that "the SEC was right to revoke Rappler's registration on the basis of his previous investigation."

Position of the Palace

"The decision also supports the Palace's position Freedom of the press, but the regulatory powers of the SEC," said Presidential Spokesman Harry Roque.

The SEC has stated that more than $ 1 million in Filipino Certificates of Deposit (ROP) than Rappler Holdings Corp. sold to Omidyar Network Fund in the United States contained a provision in which Rappler was to "obtain [the] the approval of PDR holders on business matters."

Court of Appeal The appeal referred the case to the SEC and ordered him to reconsider his decision after Omidyar donated his RDP holdings to the 14 Filipinos of Rappler.

Permanently Deleted

"Considering Omidyar's donation of all [its] PDRs to Rappler's staff, the negative foreign control deemed unacceptable by the SEC appears to have"

Associate Judge Rafael Antonio Santos drafted the decision, which was accepted by the associate judges Apolinario Bruselas Jr. and Germano Francisco Legas.

Rappler's founder and CEO, Maria Ressa, stated that they were not violating the law in the conduct of their operations and that the plight of Rappler was mainly due to its critical coverage of the Duterte administration

.the SEC would eventually reverse its decision, she replied: "I leave to the DRY. I continue to hope for the best and at the same time, we will hold the line. "

President Duterte had described the site online as a" fake information store. "

For comments, complaints or questions, contact us