Peace Mark Non-Executive Director Resigns

William George Shuster, Senior Editor -- JCK-Jewelers Circular Keystone, 9/18/2008 12:56:00 PM

Tay Liam Wee, the head of Sincere Watch, a major Asian fine watch retail chain, has resigned as a non-executive director of Peace Mark (Holdings) Ltd., which bought Sincere Watch early this year. 

Tay, 49, who had been Sincere Watch’s majority shareholder, was appointed to the board in April for a term of three years, after the purchase.

The resignation was effective Sept. 12, a day after financially-troubled Hong Kong-based Peace Mark—an international watch company and retailer, with 10,000 employees in China, the United States and Europe—announced two provisional liquidators had been appointed to oversee it.

In his letter to Peace Mark’s board of directors, released Sept. 17 by Peace Mark, Tay wrote he “found it extremely difficult to discharge my duties as a director of Peace Mark in recent months. I have repeatedly asked for clarification in relation to various matters, but have received no information or explanation from the executive directors or management in response. I have unfortunately not been provided with adequate notice for board meetings and boar conference calls. As such, I have no choice but to tender my resignation.”

A statement from Peace Mark said, “Other than the matters as stated in [the] resignation letter, Mr. Tay Liam Wee has not indicated that he has disagreements with the Board nor were the matters relating to his resignation that would need to be brought to the attention of the shareholders of the company.”