Staff at Peregrine Investments Holdings' joint-venture brokerage in South Korea protested vigorously to management yesterday about plans to cut costs at the firm, sources close to the company said.
A large delegation of employees took their case to senior managers, who are understood to be reviewing Dongbang Peregrine Securities' outgoings after the share market's collapse and the gathering economic problems. The session was said to have been heated.
Peregrine Investments Holdings, which last week fired 275 staff in Hong Kong and across the region to cut costs, holds 44 per cent of Dongbang Peregrine.
The troubled joint venture is already the subject of a legal battle between its shareholders.
Partner Shin Dong Bang Group said it had sold its 52 per cent stake in Dongbang to merchant bank Daehan Investment Banking Corp.
Peregrine has protested against the move, which was ruled illegal by a South Korean court.