Economic Journal founder sells all his shares to tycoon

The founder of the Hong Kong Economic Journal, Lam Shan-muk, has sold all his remaining shares at a time when the publication's editorial independence is under question.

In a news update on the Chinese-language daily's website yesterday afternoon, the newspaper confirmed Lam had sold his stake to an offshore trust company privately owned by telecoms tycoon Richard Li Tzar-kai.

It said Lam expressed satisfaction with the newspaper's operations and development, and would continue contributing commentaries to the newspaper.

Li bought 50 per cent of the Journal's shares in 2006 for HK$250 million. The move was seen as the first step in a planned incremental acquisition of an even bigger stake.

Under Lam's control it was known for its pro-democracy and pro-free-market stance. The paper has been accused of self-censorship in recent years after several of its columnists critical of the government complained the platform was not as liberal as before.

But Li maintains neither his acquisition nor Lam's decision to sell the remaining stakes will have any effect on the newspaper's editorial line.

"The purchase and sale has been a decision of the trust and its trustees," Li told the Post in a written reply. "The editorial policy has always rested with the editor," he wrote. "As far as I am concerned, I see no changes."