Rappler should stop misleading everyone - Inquirer columnist Atty. Franklin Tan said.


Inquirer columnist, Atty. Oscar Franklin Tan, criticized Rappler for publishing “misleading” and “slanted” articles against the Securities and Exchange Commission (SEC).
Tan was one of the attorneys who defended Rappler when its sale of Philippine depository receipts (PDRs), financial instruments used to comply with Constitution’s ban on foreign control of media, to Omidyar Network (ON) in 2015 was denounced by President Rodrigo Duterte, the SEC’s basis for giving sanction to Rappler.

According to Tan, Rappler misleadingly implies the SEC approved its PDRs and also burbling misleading blurb are its ways on how to argue  its case.

“It restated: ‘PDRs were disclosed to the SEC in 2015 in compliance with the SEC’s regulations’(‘FAQs: Rappler’s SEC case,’ 1/22/18).” Tan said.

“This is deceptive if you understand securities law’s central rule: offers and sales of securities must be registered unless exempt from registration.” Tan added.

To further explain, Tan compared Rappler’s case to the two broadcast giants, ABS-CBN and GMA. According to him, ABS-CBN and GMA have thousands of investor, Unlike Rappler with less than 20 investors, reason for the SEC to approve offers.

“In contrast, the SEC does not approve offers to less than 20 persons, such as a startup founder selling shares to relatives. Here, one merely files a notice that there were less than 20 investors.” He said.

“Thus, all Rappler sent was a notice it only had one investor. Per page 3 of the SEC order, the ON contract was only provided after the SEC summoned Rappler in February 2017.” Tan added
Despite of having only one investor, Rappler still implies the SEC approved its PDRs.

Read here the full column of Mr. Tan 

***

What can you say about this?

Share us your thoughts by simply leaving on the comment section below. For more news updates, feel free to visit our site often. 

Thanks for dropping by and reading this post.



No comments

Powered by Blogger.