Businessman Maynard Ngu, tagged during a Senate hearing on flood control anomalies as the alleged bagman of Sen. Francis Escudero, has resigned as independent director of listed Altus Property Ventures Inc.
In a stock exchange filing, Altus said that its board has accepted the resignation of Ngu as independent member of the company’s board of directors effective Monday. Altus said Ngu’s resignation was ‘due to personal reasons.’
At a Senate hearing last Sept. 25, former public works undersecretary Roberto Bernardo claimed that he had facilitated 20 percent kickbacks or P160 million from Escudero’s P800 million worth of flood control and road network projects in Valenzuela City and in Marinduque through Ngu.
Bernardo said the ‘deliveries of cash were personally made by me to Maynard Ngu at his office in Manila.’
Ngu, regarded as the brain behind the success of the Philippine mobile phone brand Cherry Mobile, had been an independent director of Altus since Sept. 2, 2019.
He is the chief executive officer of Cosmic Technologies Inc., the company behind Cherry Mobile, which was established in 2009.
Aside from leading several firms, Ngu serves as a director in companies such as Cosmic Digital Universe Inc., Quantum Mobile Gears Inc., Accucom System Solutions Inc., MSN Foundation Inc., Intertext and Chat Communications Inc., Xionz Technology Inc. and Casa Nuova Inc.
Ngu is also the president of Pure Living Wellness International Inc., a company which imports and locally distributes beauty care products and general merchandise, based on its general information sheet filed with the Securities and Exchange Commission.
Escudero’s wife, Love Marie Escudero, more popularly known as actress Heart Evangelista, is listed as a stockholder in Pure Living Wellness.
Ngu is also reportedly one of the owners of the Cork Wine Bar, where Escudero and Evangelista held their renewal of vows in February last year.
In 2023, President Marcos appointed Ngu as special envoy to China for trade, investments and tourism.