Escudero’s alleged ‘bagman’ Maynard Ngu resigns from firm

Maynard Ngu, a technology entrepreneur and government envoy, has stepped down from the board of Altus Property Ventures, Inc. (APVI) after being implicated in an alleged kickback scheme tied to Sen. Francis Escudero.

Ngu, best known as the chief executive of Cosmic Technologies, the company behind the Cherry Mobile brand, tendered his resignation on 29 September 2025. APVI confirmed the development in a disclosure to the Philippine Stock Exchange, stating that the board “duly accepted” his decision to vacate his post as independent director.

The resignation comes after former Department of Public Works and Highways official Roberto Bernardo claimed before the Senate Blue Ribbon Committee that Ngu acted as Escudero’s "bagman" in receiving P160 million in supposed kickbacks from infrastructure projects.

Ngu, who also serves as President Ferdinand Marcos Jr.’s special envoy to China for trade, investment, and tourism, cited “personal reasons” for leaving his post at the property firm.

He is also linked to actress Heart Evangelista, Escudero’s wife, through her beauty brand Luxelle Beauty and endorsement projects.

Escudero, meanwhile, has rejected the accusations, branding them as a “scripted narrative” aimed at discrediting him. The senator, who previously held the Senate presidency, vowed to defend his name and prove his innocence.