Benise Balaoing

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Maharlika Investment Corporation

ABS-CBN News

MANILA (UPDATED) — The Maharlika Investment Corporation (MIC) has denied reports that it is working with an executive convicted over Malaysia&#x27;s 1MDB scandal. Citing Malaysia-based news website Sarawak Report, a Philippine news website reported that financier Patrick Mahony is allegedly advising on the Maharlika Wealth Fund.&quot;MIC categorically denies these claims, and clarifies that Mr. Mahony has not been and has never been engaged by MIC in any capacity, whether formal or otherwise,&quot; the state investment fund said in a statement.The MIC said the allegations are &quot;false, baseless, and damaging.&quot;The state wealth fund stressed that it operates within its legal mandate and under the supervision of its appointed Board of Directors and management team.&quot;MIC is composed of highly qualified professionals across its investment and legal functions, each of whom upholds the highest standards of competence, integrity, and accountability,&quot; the fund said.&quot;All investment decisions undergo a rigorous and transparent process to ensure that they are prudent and consistent with both national objectives and global best practices,&quot; it added. <div><a href="https://www.abs-cbn.com/news/business/2025/1/27/maharlika-fund-investing-in-ngcp-malaca-ang-1729" rel="noopener noreferrer" target="_blank">Maharlika Investment Corp getting 20 pct stake in NGCP</a></div>Sarawak Report also noted that Mahony has been seen with Leyte Rep. Martin Romualdez — former House speaker —  and they have been heard in public discussing details of the Maharlika Fund governance structure.Romualdez denied the allegations.“I have never had any discussion, meeting, or communication with any individual regarding investments, advisory roles, or management decisions involving the Maharlika Wealth Fund,” Romauldez said in a statement.“The reports attempting to link me to such matters are entirely unfounded, misleading and malicious,” he added.1MDB was Malaysia&#x27;s state investment fund launched by former Prime Minister Najib Razak in 2009. In 2015, the Wall Street Journal reported that Najib received at least $681 million in payments to his personal bank accounts.Najib and other top officials allegedly looted billions from state coffers and went on a worldwide spending spree -- buying a $250 million yacht and a Van Gogh painting, among others.<div><a href="https://www.abs-cbn.com/spotlight/08/23/22/1mdb-malaysias-extraordinary-financial-scandal" rel="noopener noreferrer" target="_blank">1MDB: Malaysia&#x27;s extraordinary financial scandal</a></div>Mahony was accused of aiding Najib in misappropriating state finances, a Channel News Asia report said.Middle East news website Al-Monitor said Mahony allegedly spent his loot on precious stones, private jets, rented yachts, and property in London and in Geneva, Switzerland.

The Maharlika Investment Corporation (MIC) has denied reports that it is working with an executive convicted over Malaysia's 1MDB scandal.

The Maharlika Investment Corporation (MIC) has denied reports that it is working with an executive convicted over Malaysia's 1MDB scandal.

Maharlika Fund denies working with executive tagged in 1MDB scandal

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Maharlika Fund denies working with executive tagged in 1MDB scandal

Benise Balaoing,

ABS-CBN News

Published Oct 22, 2025 12:14 PM PHT

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Updated Oct 22, 2025 05:48 PM PHT

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Maharlika Investment Corp.

Maharlika Wealth Fund

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1MDB

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