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Children of late Hong Kong philanthropists Chan Shu-kui and Anita Chan lose HK$500 million case against Citibank

Civil suit alleged bank and account manager Hailey Amy Mak failed to properly advise Anita Chan days before her death, leading to heavy investment losses

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Anita Chan (centre) at a press conference in 1988. Photo: Sunny Lee

The children of two prominent Hong Kong philanthropists have lost their decade-long legal bid to claim HK$500 million (US$63.7 million) from an American bank and its manager, whom they accused of failing to properly advise their late mother during her last days, resulting in “heavy losses” in her investments.

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The civil suit against Citibank and Hailey Amy Mak Seen-kwan was lodged in 2008 by Shine Grace Investment, held by Anson, Johnson, Lily and Zandra Chan, the four children of late philanthropic educator Chan Shu-kui and his wife, Anita Chan Lai-ling.

Before her death in 2007 from a drug overdose, Anita Chan owned the firm and had a net worth of HK$3.5 billion (US$453 million).

The dispute stemmed from a financial product known as equity accumulator contracts. Chan, through her firm, had invested in nine of them via Citibank and Mak, her account manager, two days before her death on October 17, 2007.

Anson Chan Yiu-cheung, the elder son of Chan Shu-kui and Anita Chan, leaving Eastern Court in 2014. Photo: Felix Wong
Anson Chan Yiu-cheung, the elder son of Chan Shu-kui and Anita Chan, leaving Eastern Court in 2014. Photo: Felix Wong
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Shine Grace argued Mok and the bank misled their mother and the company, while failing to disclose the risks involved in the investment.

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