The Maharlika Investment Corporation (MIC) on Wednesday morning, October 22, categorically denied allegations that a British national convicted in connection with Malaysia’s 1MDB corruption scandal was serving as an adviser or consultant to the Philippines’ sovereign wealth fund.
In a strongly-worded statement sent to The Situation Report, the MIC lambasted the Sarawak Report, a Malaysia-based website, which published an article alleging that Patrick Mahony, who was sentenced by a Swiss court for his role in the $2-billion 1MDB fraud, had been “advising” the Maharlika Wealth Fund.
The MIC said the reports were “false, baseless, and damaging,” stressing that Mahony “has not been and has never been engaged by MIC in any capacity, whether formal or otherwise.”
The corporation described the website’s assertions as misleading and irresponsible, warning that they could harm public trust in the newly established fund.
“MIC strictly operates within its legal mandate and under the supervision of its duly appointed Board of Directors and management team,” the statement said.
“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,” it added.
The agency added that its officers and professionals maintain “the highest standards of competence, integrity, and accountability.”
The MIC also urged Sarawak Report and other media organizations to verify information with official sources before publication, emphasizing that responsible journalism is critical to protecting public confidence in national institutions.
It also called for an “immediate correction or retraction” of the report to prevent the spread of misinformation that could damage the country’s financial reputation.
The statement follows Sarawak Report’s October 20 article that drew parallels between Malaysia’s 1MDB and the Philippines’ Maharlika Wealth Fund, suggesting that Mahony had been seen with several prominent Manila businessmen and political figures, including former Speaker Martin Romualdez.
The report claimed Mahony had advised on the fund’s “legal frameworks and rule structures,” citing unnamed sources.
The MIC has assured that it is “managing and investing the Fund’s assets responsibly for the benefit of the Filipino people.”
It also urged the public to rely only on verified information from MIC’s official channels and reputable news outlets, warning against “unverified, misleading, or politically driven disinformation.”
