Maynard Ngu, the billionaire tech entrepreneur behind Cherry Mobile and now under fire for his alleged role in the multibillion-peso flood control scandal, has stepped down as independent director of Altus Property Ventures Inc.
In a regulatory disclosure on Tuesday, Altus confirmed that its board accepted Ngu’s resignation, effective Sept. 29, citing “personal reasons.”
But the timing of his exit has fueled speculation. Just days earlier, former Public Works undersecretary Roberto Bernardo claimed that Ngu served as a conduit for P160 billion in supposed kickbacks, money allegedly funneled to Senator Francis “Chiz” Escudero.
Ngu, who has been serving as Malacañang’s special envoy to China for trade and investment, had held his Altus board seat since 2019. His departure now adds another layer of intrigue to the widening controversy, as pressure mounts on both corporate and political circles touched by the scandal.
What complicates matters further is Ngu’s well-known closeness to actress and style icon Heart Evangelista, Escudero’s wife. Evangelista and Ngu’s association — often highlighted in Manila’s elite social scene — is now being reexamined under the harsh glare of public scrutiny, with critics pointing to the optics of a personal friendship coinciding with allegations of billion-peso anomalies tied to Escudero himself.
Altus has not addressed these broader political and social implications, but Ngu’s resignation underscores the growing fallout from the flood control mess, which has already ensnared prominent contractors, DPWH insiders, and now threatens to drag down high-profile names in business and politics alike.
