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SEC strips Rappler of license to operate in the Philippines

The Securities and Exchange Commission (SEC) has revoked news agency Rappler’s license to operate in the Philippines.

In a 29-page decision dated January 11, 2018, SEC en banc has effectively ordered the closure of the news website and sought the Department of Justice to take “appropriate action.”

The commission said Rappler allegedly violated its rules by engaging in a fraudulent transaction and circumventing constitutional restrictions on foreign ownership.

The commission added that it revoked the Certificate of Incorporation of both Rappler and Rappler Holdings for “intentionally created an elaborate scheme” to justify the receipt of over a $1 million from a foreign investor, Omidyar Network.

Further, the commission said the online news portal founded by Maria Ressa is a “mass media entity that sold control to foreigners” to undertake a “deceptive scheme to circumvent the Constitution.”

In a statement, Rappler said it will “not only contest this through all legal processes available” but also “to fight for freedom to do journalism.”

Read the 29-page decision of SEC in this link.

Part of the SEC decision below:

SEC 1 1 SEC 2 1 SEC 3 1 SEC 4 1

Click here for the statement made by Rappler on their website:

https://www.rappler.com/about-rappler/about-us/193650-defend-press-freedom

 

 

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