Following allegations linking him to a kickback scheme involving Sen. Francis Escudero, tech executive Maynard Ngu has resigned from his position at a property firm.
In testimony from retired Department of Public Works and Highways (DPWH) undersecretary Roberto Bernardo, Ngu was alleged to have received P160 million in kickback funds on behalf of Escudero.
Ngu is the Chief Executive Officer of Cosmic Technologies, the company behind the Cherry Mobile brand.
In a disclosure to the Philippine Stock Exchange, Altus Property Ventures, Inc. announced a change in its board of directors.
Ngu, aside from being a businessman, also serves as President Ferdinand Marcos Jr.’s Special Envoy to China for Trade, Investment, and Tourism.
‘Please be informed that the Board of Directors of Altus Property Ventures, Inc. (APVI) has duly accepted the resignation of Mr. Maynard S. Ngu as independent member of the Board of Directors of APVI effective September 29, 2025,’ the disclosure statement read.
Ngu cited ‘personal reasons’ for his resignation.
Based in Ilocos Norte, APVI is a stock corporation incorporated as a property firm. The board that Ngu stepped down from is chaired business mogul Faraday Go, the brother of Marcos’ economic and investment special assistant, Frederick Go.
Bernardo claimed he was friends with Ngu and alleged that Ngu received kickbacks on behalf of Escudero. Bernardo also claimed that Ngu was present when Escudero personally thanked him for the money.
Escudero has denied all allegations, calling them part of a scripted narrative being used against him. The former Senate president has since vowed to prove himself innocent.
The flood control issue has drawn national attention, as billions of pesos are suspected to have been lost through flood control kickback schemes allegedly involving lawmakers and officials from the DPWH.