NewsLine Philippines

Building Information Highway for the Community

SEC to Rappler : Prove politics behind revocation

by 75 Comments

DAVAO CITY, Philippines — The Securities and Exchange Commission (SEC) chair Teresita Herbosa challenged online news agency Rappler to prove that the cancellation of their certificate of incorporation was  politically motivated.

Teresita Herbosa, SEC chairperson claimed “Whoever didn’t get what they wanted from us, maybe they wanted us to say the PDRs were legal, then maybe they have their own agenda.”

Herbosa accused Rappler “They have to resort to things like that in order to divert people’s attention to what is the real issue.”

Rappler Chief Executive Officer Maria Ressa, however, said the SEC did not give them time to rectify the problems with their PDR’s unlike other business entities.

Ressa and several media entities viewed the SEC decision as an affront to press freedom.

The SEC revoked the company’s business registration last January 11 but released the same last Monday, January 15.

Herbosa said Rappler engaged in fraud and circumvented the constitutional ban on foreign ownership in media by accepting over $1 million (around P50 million) from a foreign investor, Omidyar Network, in the form of Philippine Depositary Receipts or PDRs.

A PDR is a financial instrument that foreign entities can buy into for financial returns in a local company, but not in the form of dividends, which are tied to ownership.

Ressa accused Malacañang of influencing the SEC decision as evident in the letter of Solicitor General Jose Calida in November 2017 asking the agency  for a review of RAPPLER’s SEC registration.

Herbosa confirmed it was Calida who asked SEC to look into Rappler’s ownership after it made public about their investors.

Last Tuesday, January 16, President Rodrigo Duterte denied having a hand in SEC’s decision but he called the online new agency a maker of “fake news.”

Ressa said she will put up a legal fight and stand with their ground to protect and defend Rappler.

Media practitioners held a rally in Manila Friday night to denounce the SEC decision.-Editha Z. Caduaya/Newsline.ph

Reader Interactions

Comments

  3. Rodneymen says

    Pharm Au24 [url=http://pharmau24.com/#]Buy medicine online Australia[/url] Online drugstore Australia

    Reply

  6. Rodneymen says

    buy erectile dysfunction pills online [url=http://eropharmfast.com/#]Ero Pharm Fast[/url] online ed medicine

    Reply

  16. Rodneymen says

    buy antibiotics for uti [url=https://biotpharm.com/#]buy antibiotics online[/url] best online doctor for antibiotics

    Reply

  19. Rodneymen says

    PharmAu24 [url=https://pharmau24.com/#]Licensed online pharmacy AU[/url] online pharmacy australia

    Reply

  61. Michaelsep says

    mexico pharmacy order online [url=https://rxexpressmexico.shop/#]mexico pharmacies prescription drugs[/url] mexican pharmaceuticals online

    Reply

  65. Michaelsep says

    Rx Express Mexico [url=http://rxexpressmexico.com/#]mexico pharmacy order online[/url] mexico pharmacies prescription drugs

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *