Peregrine’s problems in the face of the market crisis in Asia have been exacerbated by the rapidity of its expansion and the unravelling of some of its regional operations. Critics viewed its difficulties as the long-overdue outcome of breakneck growth and an erratic choice of local partners. For Peregrine, the timing was lousy, especially when the jewel in its regional crown, South Korean operation Dongbang Peregrine, went awry in September.
When asked if he would describe his firm’s regional strategy as successful, moderately successful or a failure, chairman Philip Tose’s reply is circumspect.
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