Mar to resign as Sincere director

SELWYN Mar will resign as director of Sincere Co and all its subsidiaries and associates, effective December 31, and as general manager of Shanghai Sincere Co on September 30.

A statement issued by Sincere last night said the board received his resignation notice last Wednesday.

Sources earlier had said he would resign once a replacement was found.

Howewer, the announcement did not say who would succeed Mr Mar or why he resigned.

Before the announcement, there was speculation Mr Mar was to resign as a result of a clash with the company's owner, the Ma family, since last year's $115 million annual bonus battle.

Sources close to Mr Mar said he had urged restraint on other directors at the time, but was shouted down.