The Securities and Exchange Commission (SEC) is upholding its previous decision to shut down online news network Rappler, according to its CEO and Founder Maria Ressa.
Ressa said in a speech in Hawaii that the SEC ruling was released on June 28, ordering the cancellation of the certificates of incorporation of Rappler Inc. and Rappler Holdings Corporation.
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Ressa reiterated that while there is a pending order from SEC, the news organization will remain ‘business as usual’ vowing to exhaust all legal remedies to combat the ruling.
“What does this mean? We have existing legal remedies all the way up to the highest court of the land. It is business as usual for us since in our view, this is not immediately executory without court approval,” Ressa said.
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Rappler was accused of selling investments to foreign investors which is prohibited under the constitution.
Rappler denied foreign ownership and said that the Omidyar investment through Philippine Depositary Receipt (PDR), did not give them control of the company.
