By Gabriela Baron
The Securities and Exchange Commission (SEC) has upheld its order to shut down news organization Rappler, its CEO Maria Ressa said.
The SEC’s order, dated June 28, reaffirmed the earlier decision to revoke the certificates of incorporation of Rappler Inc. and Rappler Holdings Corporation.
Ressa shared the ruling during the East-West Center international media conference in Hawaii.
“We were notified by our lawyers of this ruling that effectively confirmed the shutdown of Rappler,” Rappler’s statement read.
“We are entitled to appeal this decision and will do so, especially since the proceedings were highly irregular,” it further read.
The SEC first ordered the revocation of Rappler’s certificate to operate in 2018.
Citing its 29-page ruling, SEC said Rappler was “liable for violating the constitutional and statutory Foreign Equity Restrictions in Mass Media enforceable through rules and laws within the mandate of the Commission.” – ag
