Securities and Exchange Commission (SEC) revokes Rappler’s registration as online news organization.
“The En Banc finds Rappler, Inc. and Rappler Holdings Corporation, a Mass Media Entity and its alter ego, liable for violating the constitutional and statutory Foreign Equity Restriction in Mass Media, enforceable through laws and rules within the mandate of the commission,” the SEC en banc said in its decision dated January 11, 2018 and posted on SEC website on January 15, 2018.
Below is what we know so far from the report:
On July 8, 2017, SEC formed a “Special Panel” to conduct a “formal, in-depth examination of Rappler Inc and its parent, Rappler Holdings Corporation, as to possible violations of nationality restrictions on ownership and/or control of Mass Media entities.”
President Rodrigo Roa Duterte then threatens to investigate the ownership of Rappler in his SONA on July 25, 2017.
Rappler immediately released a statement, debunking the allegation.
“Philippine Depositary Receipts (PDRs) do not indicate ownership. This means our foreign investors, Omidyar Network and North Base Media, do not own Rappler. They invest, but they don’t own. Rappler remains 100% Filipino-owned,” Rappler said in a statement after Duterte’s SONA.