Well-known horse owner Eugene Chuang Yue-chien has sued Bank of East Asia to retrieve a HK$59 million deposit that he paid as collateral for a bank loan, according to a writ filed in the High Court this week. The collateral was no longer required under Mr Chuang's contract with the bank, but it had not promptly released the funds, the writ said. No other details were provided in the writ, which was dated September 25. Mr Chuang, who donated HK$400,000 to the victims of the Sichuan earthquake this year, is co-owner of the Sound Chamber, an upmarket audio and video equipment store in Central. The legal action comes as the bank and government officials tried this week to allay fears that it was nearing collapse. The bank blamed 'malicious rumours' as customers frantically withdrew their savings. Mr Chuang is also embroiled in a legal spat with management of the Park Hotel in Tsim Sha Tsui following a bid to buy the property.