7 Rappler execs face anti-dummy raps

7 Rappler execs face anti-dummy raps

MANILA — Officials of the holding firm of online news outfit Rappler have been charged before a Pasig court for violation of the anti-dummy law, in connection with the issuance of its shares to United States-based lobby group Omidyar Network Fund, which is a violation of the Constitution.

Named in the criminal information dated March 20 were officers and members of Rappler Holdings Corp. — Manuel I. Ayala, Nico Jose Nolledo, Maria Angelita Ressa, Glenda Gloria, James C. Bintanga, Felicia Atienza, and James Velasquez.

The case, filed by the National Bureau of Investigation Cybercrime Division, would be heard by the Pasig Regional Trial Court Branch 265, which recommended a PHP90,000-bail for each of the respondents.

The charge was signed by Senior Assistant City Prosecutor Randy Esteban and approved by Senior Assistant City Prosecutor Camilo B. Dumlao II.

The charges arose over moves made by the firm’s owners, sometime in Oct. 2, 2015, to issue 7,217,257 Philippine Depositary Receipts (PDR) to investor Omidyar.

The charge described the investor “as a foreign corporation not allowed/proscribed by the Constitution or the laws of Philippines to acquire or use the same, thereby allowing, or giving the right to Omidyar Network Fund LLC, to intervene in the management, operation, administration and control of Rappler Inc. and Rappler Holdings Corporation in violation of the of the anti-dummy law.” Benjamin Pulta /PNA – northboundasia.com