Rappler Ordered to Cease Operations Due to SEC Ruling

Rappler, an online news site founded in 2012, is being ordered to cease its operations.

This is due to the Securities and Exchange Commission (SEC) ruling that revokes the news agency’s license to operate.

The news agency has allegedly violated the Constitution and Anti-Dummy Law.

According to the 29-page SEC decision, dated January 11, 2018, there is “possible violations of the Corporation Code, the Securities Regulation Code, and other laws within the Commission’s mandate.”

It has been revealed that SEC has created a special panel in July 2017 to look into Rappler’s “possible violations of national restrictions on ownership and/or control of Mass Media entities,” which appears to have started because of investment funds coming from foreign investment firm Omidyar Network.

Here’s Rappler’s official post on Facebook, addressing its readers and viewers:

The decision to revoke the certification of incorporation of Rappler has been made on Monday, signed by SEC Chairperson Teresita Herbosa and Commissioners Antonieta Ibe, Ephyro Luis Amatong, and Emilio Aquino. Commissioner Blas James Viterbo is said to have not taken part in the final ruling.

Malacañang reportedly said that the justice process allows Rappler to challenge the decision of SEC until it becomes final.

Anything to add to this story? Share it with us!