Orient Fund names new chairman after public dispute

Orient Fund has appointed Yang Shucai from its major shareholder as chairman to replace Li Weixiong following a highly public internal dispute. Li had run the fund from June 2001, but on expiration of his term, he stepped down in August 2010. Yang was president and vice-chairman of Northeast Securities, which has a 46% shareholding in Orient Fund. The management changeover follows an internal dispute aired publicly through leaked minutes of a meeting circulated on mainland China…