ABS-CBN
CA upholds decision against Rappler shutdown
The Court of Appeals affirmed its decision that Rappler is Filipino-owned and denied the Securities and Exchange Commission's (SEC) motion for reconsideration.
This ruling, dated July 11, denied the SEC's challenge to the previous decision for lack of merit.
In August 2024, the CA ordered the restoration of Rappler and Rappler Holdings Corporation's Certificate of Incorporation, which the SEC had revoked during the Duterte administration.
The SEC had ordered Rappler's shutdown based on the unconstitutionality of Philippine Depositary Receipts (PDRs) issued to its foreign investor, Omidyar.
The CA's 2024 decision stated that Rappler received "preferential treatment - a negative one" from the SEC and noted that Omidyar's donation of the PDRs to Rappler had addressed the ownership concern.
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