SEC affirms decision to cancel certificates of registration of Rappler
The Securities and Exchange Commission (SEC) affirmed its 2018 decision to cancel online news agency Rappler's certificates of incorporation.
In its decision on Tuesday, the SEC said it cited reported violations of constitutional and statutory restrictions on foreign ownership of mass media.
Rappler chief executive officer Maria Ressa disclosed this at the East-West Center International press conference in Hawaii Wednesday.
''We were notified by our lawyers of this ruling that effectively confirmed the shutdown of Rappler,'' said Rappler in a statement.
SEC said Rappler got funds from Omidyar Network, which was set up by eBay founder Pierre Omidyar.
Rappler lawyer Francis Lim said in a press conference it has 15 days from Tuesday to file a petition for review to the Court of Appeals.
''Eventually, we will have the final opportunity to appeal all the way up to the Supreme Court so it's not the end of the world for us,'' he said. DMS
