In the news: Executive held hostage, US law firms expand and mutual funds open up
June 27, 2013 | BY
clpstaff &clp articlesA company executive has been held captive by his employees in Beijing. US law firms have increased their headcount in Beijing and Hong Kong and foreign banks are now allowed to offer mutual funds
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Workers confine executive and demand severance package
Chip Starnes, founder and president of Specialty Medical Supplies is being held hostage by employees in Beijing. The dispute began after 30 employees had been offered severance packages because the company moved part of its operations to India. The remaining 100 workers barricaded the exits believing they would also be laid-off and demanding severance packages.
Starnes said the workers created noises throughout the night and shone bright lights into his eyes to deprive him of sleep. The US executive says there are no plans to dismiss the remaining employees. However, the workers have claimed they have not been paid for two months, a point Starnes refutes.