Shanghai Jahwa chairman set to retire

Ge Wenyao has applied for retirement as chairman of cosmetic maker Shanghai Jahwa United Co, the company announced Tuesday, signaling an end to long disputes between the company's management and its major shareholder.

The 66-year-old chairman delivered his resignation to the company's board of directors for approval, citing age and health reasons, the company said in a statement filed to the Shanghai bourse Tuesday.

Ge was unavailable to comment Tuesday. A public relations staff member with China Ping An Trust Co, the controlling shareholder of Shanghai Jahwa, said there was no information to be disclosed when contacted by the Global Times Tuesday.

On May 13, shareholders of Shanghai Jahwa Group Co, the listed unit's parent company, made a decision to dismiss Ge from the post of chairman and general manager of the group, as Ping An Trust claimed some group executives had been involved in embezzlement.

But Ge claimed on his Sina Weibo post later that day that "Jahwa Group is suffering from a political disturbance" and "Ping An has continually sold assets of Jahwa after the acquisition."

The two sides seemed to have reached a compromise after Ge wrote on his Weibo one day later that "the two sides have stopped fighting," and Jahwa's listed unit also said in a statement on May 15 that Ge would still keep his post at the listed firm.

Ping An Trust bought State-owned Shanghai Jahwa Group in a deal valued at 5.1 billion yuan ($833 million) in November 2011.