SEC warns vs 'unnecessary' statements in Rappler case


Posted at Mar 01 2018 04:02 PM | Updated as of Mar 01 2018 05:01 PM

MANILA - The Securities and Exchange Commission (SEC) on Thursday warned parties to the Rappler ownership case against making "unnecessary pronouncements" to the media.

The SEC said it was "unaware" of official communication on the transfer of interests held by an American investor in the news website to its Filipino partners.

The regulator had revoked Rappler's business papers, saying Philippine Depositary Receipts held by eBay founder Pierre Omidyar's Omidyar Network violated constitutional restrictions on foreign ownership.

The SEC said Rappler's appeal to reverse its decision was pending before the Court of Appeals.

"In the meantime, the commission is internally studying this development to determine its next action before the Court of Appeals and to ensure the fulfillment of its duty of enforcing the constitutional restrictions on nationalized activities such as mass media," it said.

Meanwhile Rappler insisted that the PDRs it issued to Omidyar did not violate the constitution. 

"This is the reason the Securities and Exchange Commission ruling — borne of an investigation requested by the Solicitor General — is still being questioned in court, and therefore not final nor executory," Rappler said in a statement.