Maynard Ngu, the billionaire behind Cherry Mobile now linked to the anomalous flood control projects, has resigned from his post as independent director at Altus Property Ventures Inc.
In a regulatory filing on Tuesday, Altus said its board of directors had accepted Ngu’s resignation effective Monday, Sept. 29.
The company noted Ngu had resigned ‘due to personal reasons.’
His departure comes just days after former Public Works Undersecretary Roberto Bernardo linked Ngu to the billion-peso flood control scandal.
According to Bernardo, he had allegedly funneled through Ngu P160 million of kickbacks supposedly meant for Sen. Francis Escudero.
Ngu, who is currently Malacañang’s special envoy to China for trade and investment, served as Altus’ independent director since 2019.