Maharlika CEO says all cases against him dismissed

Metro Manila (CNN Philippines, November 15) — Newly appointed Maharlika Investment Corporation (MIC) head Rafael Consing Jr. on Tuesday denied there are pending cases against him.

"All cases filed against me have been dismissed," Consing, through Malacañang, said after his involvement in a fraud case surfaced on social media.

President Ferdinand Marcos Jr. appointed Consing as MIC president and chief executive officer on Monday, two days after the release of the revised Implementing Rules and Regulations (IRR) of the Maharlika Investment Fund Act.

On Wednesday, House Deputy Minority Leader and ACT Teachers Party-list Rep. France Castro said reports of Consing's legal troubles raised "another red flag against the Maharlika Investment Fund."

"Wala na bang iba [Is there no one else]?" Castro said in a statement.

According to the revised IRR, individuals are disqualified to be MIC directors if they have pending cases "relating to fraud, plunder, corrupt practices, money laundering, tax evasion, or any similar crimes involving misuse of money or breach of trust" within five years prior to their appointment.

Those convicted by final judgment of an offense punishable by imprisonment for a period exceeding six years and those found administratively liable for any offense involving fraudulent acts are also banned.

"The Constitution and existing laws frown upon such kind of people, more so, putting such kind of people in positions of power and with access to billions of public funds," Castro said.

Consing will have a three-year stint in the MIC, which will govern and manage the country's first sovereign wealth fund.