Chiz's alleged bagman resigns from property firm

Businessman Maynard Ngu, tagged during a Senate hearing on flood control anomalies as the alleged bagman of Sen. Francis Escudero, has resigned as independent director of listed Altus Property Ventures Inc.

- By RICHMOND MERCURIO

In a stock exchange filing, Altus said that its board has accepted the resignation of Ngu as independent member of the company's board of directors effective Monday. Altus said Ngu's resignation was “due to personal reasons." At a Senate hearing last Sept. 25, former public works undersecretary Roberto Bernardo claimed that he had facilitated 20 percent kickbacks or P160 million from Escudero's P800 million worth of flood control and road network projects in Valenzuela City and in Marinduque through Ngu.