Tech magnate Maynard Ngu, founder of Cherry Mobile, has stepped down as an independent director of Gokongwei-led property venture, days after being linked to a multi-billion-peso flood control scam involving Senator Francis “Chiz” Escudero.

In a disclosure to the Philippine Stock Exchange, Altus Property Ventures Inc. (APVI) announced that its Board of Directors had accepted the resignation of Ngu.

“Please be informed that the Board of Directors of Altus Property Ventures, Inc. (APVI) has has duly accepted the resignation of Mr. Maynard S. Ngu as independent member of the board of Directors of APVI effective September, 2025," the statement read.

The company cited “personal reasons” for his resignation.

Ngu’s resignation comes after testimony at the Senate Blue Ribbon Committee hearing last week, where former Department of Public Works and Highways (DPWH) Usec. Roberto Bernardo alleged that Ngu acted as Escudero’s “bagman” in anomalous flood control projects.

Bernardo claimed that Escudero received a ₱160 million kickback through Ngu, following a meeting at Ngu’s Cork Wine Bar in Taguig.

Ngu, a billionaire entrepreneur who also runs Cosmic Technologies, the maker of Cherry Mobile, has long been known as a close associate of Escudero and his wife, actress and fashion influencer Heart Evangelista.

He is reportedly a co-owner of Luxelle PH, a luxury retail firm linked to Evangelista, and is said to have contributed ₱30 million to Escudero’s 2022 senatorial campaign. Cork Wine Bar, owned by Ngu, also hosted the couple’s wedding vow renewal last year.