Review of director's contract

SAR-listed China Rare Earth (Holdings) needs to renegotiate the terms on hiring China Everbright's former general manger Shao Zhengkang as its managing director after a delay of more than a year.

A China Rare Earth official made the remark in response to SAR-listed China Everbright's announcement last Friday that Mr Shao would no longer be general manager and executive director.

The announcement came more than a year after Mr Shao was rumoured to have been detained in Beijing.

He was said to be helping the authorities investigate 'economic irregularities' surrounding Zhu Xiaohua, former chairman of the China Everbright group.

At the time, a source said Mr Shao had not been arrested and was free to move around Beijing.

'More than a year has passed, and we needed to renegotiate,' the China Rare Earth official said.