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Rappler appeals to reverse SEC ruling

Updated

By Rey Panaligan

Rappler asked the Court of Appeals (CA) on Monday to reverse the ruling of the Securities and Exchange Commission (SEC) that voided the news outfit’s incorporation papers for violating the constitutional prohibition on foreign ownership of mass media in the country.

The petition was filed by lawyer Francis Lim who said that the case “raises legal issues with far-reaching implications on business and press freedom.”

(photo credit: wikimedia commons)

(photo credit: wikimedia commons)

A copy of the petition was not yet immediately available.

“Fortunately, there is jurisprudence that can guide the CA in deciding the case. We fervently hope that the case will ultimately be decided for the broader interest of the country,” Lim said in an interview by journalists covering the judiciary.

The SEC had ruled that Rappler violated the Constitution when it allowed Omidyar Network, one of the Philippine Depositary Receipts (PDR) holders of Rappler, to exercise control over its corporate affairs in exchange for a $1 million fund infusion.

Department of Justice (DOJ) Secretary Vitaliano Aguirre II had ordered the National Bureau of Investigation (NBI) to look into the criminal liability of Rappler in view of the SEC ruling.

                                                                                          

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