Maharlika, Romualdez deny links to convicted financier

MANILA, Philippines —  The Maharlika Investment Corp. (MIC) and former House Speaker Martin Romualdez denied any links to British-Swiss financier Patrick Mahony, who was convicted by a Swiss court last year for his role in the multi-billion-dollar case involving Malaysia’s sovereign development fund.

Citing that the Philippines’ wealth fund operates within a legal mandate, MIC said that its workforce consists of qualified professionals in investment and legal functions who uphold high standards of competence, integrity and accountability.

“These reports contain false, baseless and damaging allegations suggesting that an individual named Mahony serves as an advisor, consultant or affiliate of MIC,” the wealth fund said.

Romualdez said he has never been in any discussion, meeting or communication with any individual regarding investments involving the Maharlika Wealth Fund.

“The reports attempting to link me to such matters are entirely unfounded, misleading and malicious,” Romualdez said.

A Malaysian investigative media outlet Sarawak Report, alleged that Mahony was directly involved in advising on the management and structural framework of the Philippines’ sovereign wealth fund.

It also said, “particularly troubling are the reports that he is frequently seen with the prominent Manilla businessman and senior politician, the former Speaker of the Parliament Martin Romualdez, who is a first cousin of the current President and considered a powerful political player.”

The report added that Mahony had previously relocated his family to Makati City, where he maintains accommodations and a staffed office in the Alpha Suites building.

Mahony was convicted by a Swiss court and sentenced to six years in prison for his role in one of the most significant financial scandals in recent years, which held him accountable for actions in 1Malaysia Development Berhad, according to Sarawak.

MIC strongly denied the allegations made in the reports, asserting that there is no truth to claims linking the organization to Mahony, as the individual has never been involved with the corporation in any capacity, whether formal or informal.

MIC also called for the immediate correction or retraction of what it described as misleading content to prevent the spread of false and potentially damaging information about the country’s sovereign wealth fund.

“The public is urged to rely solely on verified information issued through MIC’s official channels, and credible and reputable news organizations, and to exercise discernment against unverified, misleading or politically driven disinformation,” it said.