Businessman tagged in DPWH probe quits board of Gokongwei firm
Maynard Ngu, the tech billionaire behind Cherry Mobile now linked to the billion-peso flood control scandal, has resigned from his post as independent director of Altus Property Ventures Inc.
In a regulatory filing on Tuesday, Altus, a wholly owned subsidiary of Gokongwei-led Robinsons Land Corp., said its board of directors had accepted Ngu’s resignation.
It noted that Ngu had resigned “due to personal reasons,” although his exit from Altus comes just days after he was linked to the corruption allegations surrounding anomalous flood control projects being investigated at Congress.
Last week, former Public Works Undersecretary Roberto Bernardo alleged that he had coursed P160 million in kickbacks through Ngu.
This, Bernardo said, was supposedly meant for Sen. Francis Escudero.
The former Senate President has since denied his involvement, saying Bernardo’s claims were part of a “well-orchestrated plan to attack the Senate and its members,” and to “divert the public’s attention from the real perpetrators.”
As a result, Ngu is among the 21 individuals, including senators, a congressman and officials of the Department of Public Works and Highways, that may face charges of graft, bribery and malversation of funds, among others, according to the National Bureau of Investigation. He joins Escudero, Sen. Joel Villanueva, Sen. Jinggoy Estrada and resigned Ako Bicol Rep. Elizaldy Co.
Ngu, who is currently Malacañang’s special envoy to China for trade and investment, had been serving as Altus’ independent director since 2019.
The 46-year-old businessman is the CEO of Cosmic Technologies Inc. and president of Cherry Mobile, Cosmic Mobile Advertising Inc., Versatile Customer Care Solutions Inc., Kosmos Technomobile Inc. and Fimobile Technoloby Inc.
He is likewise the CEO of Land Traders Properties and Development Co. Inc. and Starway Piping Technology Inc.
Ngu, a management and finance graduate of De La Salle University, holds director positions in several other companies.
