Altus Property Ventures Inc., a listed subsidiary of Robinsons Land Corp. (RLC.PS) owned by the Gokongwei family, said Tuesday businessman Maynard Ngu had resigned as an independent director, effective Sept. 29, 2025.
Ngu’s resignation follows allegations linking him to an ongoing kickback scandal involving government flood control projects.
APVI said in a disclosure to the Philippine Stock Exchange its board had accepted Ngu’s resignation, citing “personal reasons.”
The move comes after former Department of Public Works and Highways Undersecretary Roberto Bernardo testified before the Senate Blue Ribbon Committee. Bernardo alleged that Ngu acted as an intermediary in a scheme involving P800 million worth of government flood control projects.
Ngu, who is also the chief executive of tech firm Cosmic Technologies, which is behind the Cherry Mobile brand, holds other business interests. He was earlier appointed by President Ferdinand Marcos Jr. as Special Envoy to China for trade, investments and tourism.
