CHINA Strategic Holdings chairman Oei Hong Leong has been made head of Ming Pao Enterprise Corp, replacing Yu Pun-hoi, who has resigned. The move tightens the Indonesian businessman's grip on the local media business. China Strategic, which recently agreed to buy a 10 per cent stake in the newspaper group, already controls the Chinese-language magazine Wide Angle. The media is not a new investment area in Mr Oei's family business - his father Oei Ek Tjong is an Indonesian newspaper baron. Ming Pao invited Mr Oei to join its board of directors, which elected him chairman yesterday. In a statement by Ming Pao, Mr Oei said he would respect the newspaper's traditional editorial policy and enable the paper to keep its independence and objectiveness in reporting. He said Mr Yu's resignation represented an act of responsibility to the newspaper group. He hoped Mr Yu would be able to lead the board of directors again after he had sorted out his affairs. In a statement, Mr Yu said he supported the appointment of Mr Oei. He believed staff at the company would back the decision, too. Mr Yu said he and Mr Oei shared many common views on how to run newspapers, and that Ming Pao should be a newspaper for Chinese people, a modern one that should stay objective, accurate and fair. Mr Yu said because Mr Oei was a charismatic entrepreneur he believed he would, like himself, continue to make the newspaper flourish. Mr Yu said he would continue to make suggestions on business and operations to the board, and would keep close contact with Mr Oei. Two board members of CIM Co - Ming Pao's parent - were also appointed as directors to the newspaper group. The board comprises six directors. The company lacks two independent directors, whose appointments would be announced soon. Mr Oei said he would insist on Mr Yu's aim that it was a newspaper for the Chinese - a concept he believed would not change with the board reshuffle.
