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BREAKING!News website Rappler's certificate of incorporation was revoked by the Securities and Exchange Commission (SEC) for violating the constitutional restriction on foreign ownership of mass media, according to an official document released on Monday.
Rappler reported the SEC decision on Monday and denied the SEC's claim that Omidyar Network, controlled its operations.
"Philippine Depositary Receipts (PDRs) do not indicate ownership. This means our foreign investors, Omidyar Network and North Base Media, do not own Rappler," the news outfit said.
"They invest, but they don't own. Rappler remains 100-percent Filipino-owned," it said, referring to its statement issued in July 2016.
Rappler issued a statement after the decision was released, calling on the public to "defend press freedom."
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Because of funds coming from foreigners,SEC said that Rappler is obviously violating constitutional restrictions on ownership and control of mass media entities.
The media outlet is "liable for violating the constitutional and statutory Foreign Equity Restrictions in Mass Media , enforceable through laws and rules within the mandate of the Constitution," the SEC said.
The SEC also declared Rappler's Philippine Depositary Receipts (PDRs) void "for being a fraudulent transaction."
However, Rappler can still exercise their function as a mass media company as the decision is not yet final and executory, according to SEC Spokesperson Armand Pan. It still have 15 days to make an appeal before the Court of Appeals. Rappler said that it will contest SEC decision and exhaust every legal means in doing it.
Source: ABS-CBN, GMA
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