Maharlika fund

Maharlika chief Consing says all cases against him dismissed

Ralf Rivas

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Maharlika chief Consing says all cases against him dismissed

OFFICIAL. Maharlika Investment Corporation President and CEO Rafael Consing Jr.

Malacañang

The Maharlika fund law prohibits the appointment of officials with pending cases related to fraud, money laundering, tax evasion, or misuse of funds

MANILA, Philippines – Maharlika Investment Corporation (MIC) President and Chief Executive Officer Rafael Consing Jr. clarified that cases against him have been dismissed, following social media users raising concerns over the matter.

“All cases filed against me have been dismissed,” Consing said through a statement released by Malacañang on Tuesday, November 14.

The Maharlika fund law prohibits the appointment of officials with pending cases related to fraud, money laundering, tax evasion, or misuse of funds. Those who have been convicted of an offense punishable by imprisonment for a period exceeding six years are also banned from appointment.

Consing and the Palace did not elaborate on cases he faced, but people on social media pointed to a certain case where Consing and his mother sold a lot to a company in Cavite for P13.4 million in 1997, but were later found to not have a valid land title. Consing’s mother refused to return the amount paid by Plus Builders Incorporated (PBI).

In 1999, PBI was ousted from the disputed lot by those who had the land title.

The incident led to Consing and his mother facing estafa through falsification of documents.

Consing was appointed as MIC chief just two days after President Ferdinand Marcos Jr. and other officials revised the implementing rules and regulations for the law. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.