MIC denies reports linking fund to 1MDB scandal financier

The Maharlika Investment Corporation (MIC) has denied reports linking the sovereign wealth fund to Patrick Mahony, a financier convicted for his role in Malaysia's 1MDB scandal.

Sarawak Report claimed that Mahony was advising officials behind the Maharlika Investment Fund, which the MIC manages.

In an official statement, MIC refuted these claims, describing them as "false, baseless, and damaging accusations."

The corporation categorically denied engaging Mahony in any capacity, stating he "has not and has never been engaged by MIC in any capacity, whether formal or otherwise."

Mahony was sentenced in 2024 to six years in prison for his involvement in the 1MDB scandal, where billions of dollars were allegedly embezzled from Malaysia's state investment fund.

As an executive at PetroSaudi International, Mahony played a central role in arranging a fraudulent joint venture with 1MDB.