SEC Revokes Rappler’s Certificate Of Incorporation
Rappler’s certificate of incorporation has been revoked by the Securities and Exchange Commission (SEC) for its violation.
On Monday (January 15, 2018), SEC has issued a resolution dated January 11, 2018, stating that the local news website Rappler has sold its control to foreigners.
The regulator also said that a decision’s copy will be furnished by the Department of Justice for appropriate action.
SEC has revoked the certificate of incorporation of Rappler for allegedly violating the constitutional restriction on foreign ownership of mass media.
However, Rappler has reported the decision of SEC and denied the accusations that Omidyar Network, a fund created by eBay founder and entrepreneur Pierre Omidyar was controlling 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 local news website said quoted by ABS-CBN.
The local news outlet explained that the foreign media have only invested and the company is fully Filipino owned.
Previously, President Rodrigo Duterte claimed that Rappler was allegedly fully owned by Americans, which is a violation of 1987 Constitution.
Last year, the news site Rappler asked the Filipino people to support them for free, independent, and fearless journalism.
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