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October 22, 2025 | 12:29pm
Composite photo shows former House Speaker Martin Romualdez and convicted fraudster British-Swiss national Patrick Mahony.
The Philippine STAR / Boy Santos, file ; AFP / Fabrice Coffrini
MANILA, Philippines — Former House Speaker Martin Romualdez insisted he never met with anyone to influence the Maharlika Investment Fund, even as allegations mount tying him to a convicted fraudster reportedly advising the sovereign wealth fund.
In a statement sent to Philstar.com on Wednesday, October 22, Romualdez called the latest claims against him “false and baseless.” He denied colluding with any individual involved in the Maharlika Investment Fund, a measure which he authored and lobbied for in 2022.
“I join the Maharlika Investment Corporation (MIC) in completely denouncing the false and baseless allegations published by certain online sources,” Romualdez said.
His statement came after Malaysia-based investigative news outlet Sarawak Report alleged that convicted fraudster and money launderer Patrick Mahony had served as an adviser to the Maharlika fund and “frequently” met with Romualdez.
“I have never had any discussion, meeting, or communication with any individual regarding investments, advisory roles, or management decisions involving the Maharlika Wealth Fund,” Romualdez said.
“The reports attempting to link me to such matters are entirely unfounded, misleading and malicious,” he added.
The British-Swiss national, who once sat on PetroSaudi’s board, was sentenced to prison by a Swiss court in 2024 over his role in a multibillion-dollar embezzlement scheme involving Malaysia’s 1Malaysia Development Berhad, or 1MDB.
While Mahony remains free with his appeal still pending, Sarawak Report said he had returned to Manila to advise officials behind the country’s Maharlika Investment Fund.
Since the exposé was published on October 20, the MIC categorically denied the “damaging allegations,” saying Mahony does not serve as its adviser or consultant. It also maintained that the firm has “never engaged” with him.
The 1MDB has been seen as comparable by some to the Maharlika fund, which uses government funds in state-run banks to invest in assets, the stock market, foreign currencies and infrastructure to spur economic growth. Critics, however, warn that the fund carries similar corruption risks to other sovereign funds, which were seen in 1MDB.
Romualdez has been embroiled in several corruption allegations, particularly after his cousin, President Bongbong Marcos, ordered an investigation into irregular flood control projects.
These projects have been at the center of government-wide probes that uncovered alleged kickback schemes, where lawmakers were said to have received commissions from funds they allocated for infrastructure projects.
Some personalities have accused Romualdez of being among the masterminds behind the alleged manipulation of the national budget, particularly during his three-year tenure as House Speaker under the Marcos administration.
The Leyte lawmaker has so far cooperated with the Independent Commission for Infrastructure, appearing at a hearing he was asked to attend following a subpoena.
But as investigations continue to widen, Romualdez faces mounting pressure to dispel questions over his role in both the Maharlika and flood control kickback controversies.
