Rappler says Omidyar donated PDRs to its managers

A rappler employee exits its office at the Capitol Commons in Pasig on Monday, January 15, 2018 after Maria Reesa and Chay Hofilena gave a press briefing to media as the Securities and Exchange Commission (SEC) orders the revocation of its license to operate. INQUIRER PHOTO / GRIG C. MONTEGRANDE

Investment firm Omidyar Network on Wednesday announced it has donated its Philippine Depository Receipts (PDRs) to the managers of the embattled news website Rappler.

Rappler announced the development in a news report posted on their website.

“This donation completely eliminates the sole basis of the SEC ruling against Rappler Incorporated and Rappler Holdings Corporation,” Omidyar partner Stephen King was quoted as saying.

“We therefore strongly believe that the companies should be allowed to continue operating unhindered in the Philippines,” he added.

In January, the Securities and Exchange Commission (SEC) revoked Rappler’s license for supposedly violating Constitutional provision on media ownership. /je

READ: SEC orders Rappler to shut down