Romualdez Denies Association with British-Swiss Convicted Fraudster Allegations

Former House Speaker Martin Romualdez and Ako Bicol party list representative Zaldy Co

Romualdez Denies Association with British-Swiss Convicted Fraudster Allegations

By Wilma N. Yamzon – TheNationWeek.Com | October 23, 2025

MANILA, Philippines – Former House Speaker Martin Romualdez is facing a barrage of scrutiny as allegations of corruption intensify, centering on irregularities in flood control projects and potential ties to a convicted fraudster linked to the Maharlika Investment Fund.

The spotlight on Romualdez came as President Ferdinand Marcos Jr. launched investigations into alleged kickback schemes and budget manipulations during Romualdez’s tenure as Speaker.

The most recent controversy surfaced in a report by the Sarawak Report, a Malaysia-based investigative outlet, alleging that Patrick Mahony, a British-Swiss national convicted of fraud in connection with the 1MDB scandal, has been advising the Maharlika Investment Fund and met with Romualdez on multiple occasions.

Romualdez has denied any connection to Mahony, dismissing the claims as “false and baseless.”

In a statement released on Tuesday, he stressed that he had never participated in discussions, meetings, or communications with any individual related to investments or advisory roles in the Maharlika Wealth Fund.

“The reports linking me to such issues are entirely misleading and malicious,” he said.

The Maharlika Investment Corp. (MIC) has also denied any association with Mahony, stating he has never been engaged as an advisor or consultant.

However, the allegations have fueled concerns about the Maharlika Fund, which utilizes government resources from state-run banks to invest in various assets.

Critics have drawn parallels to the infamous 1MDB scandal, cautioning about potential corruption risks inherent in sovereign wealth funds.

The Maharlika controversy adds to the pressure on Romualdez, who is already facing scrutiny over alleged irregularities in flood control projects.

President Marcos initiated an investigation into these projects, which have been linked to government-wide probes revealing alleged kickback schemes involving lawmakers receiving commissions from allocated infrastructure funds.

Sources in the ICI investigating the flood control projects suggest that the scope of the inquiry is expanding to examine potential budget manipulations orchestrated during Romualdez’s tenure as House Speaker.

While Romualdez has cooperated with the commission, attending hearings as requested following an invitation, critics remain skeptical.

The central question remains: “Will Romualdez be held accountable for alleged corruption in flood control ‘ghost projects’ and trillions in kickbacks?”

The outcome of the investigations could have significant implications for the Marcos administration and its commitment to combating corruption.