beyondbrics

The global coalition against shark fin soup has a surprise new convert – Citigroup.

Just last week, the US bank was trying to profit from the Asian delicacy. It launched a promotion, offering credit-card holders 15 per cent off a shark’s fin and garoupa dinner at a popular Chinese restaurant chains in Hong Kong and the same discount for dining at the Imperial Court Shark’s Fin Restaurant in Singapore.

But the idea returned to bite Citigroup.

Amid growing pressure, including a Facebook group called “Stop the shark-fin soup promotion!” with 926 members, Citi announced on Thursday that it has stopped all such promotions in Hong Kong. It says it’s now doing the same in all its Asia-Pacific markets.

Explaining the u-turn, Citi says it is a company “committed to managing our business in a manner that benefits the society and the environment”.

Better late than never? Environmentalists, who say 100m sharks are killed each year to satisfy demand for fins in Hong Kong, Taiwan and Singapore, think so.

“I am very happy that Citi has realised it is a dirty trade. It’s the right move and in fact the only move they could have made,” says Paul Hilton, a Hong Kong-based photographer and co-author of “Man & Shark”, a book and short film on the fin trade.

Other anti-soup moves are simmering. Earlier this year in Hong Kong, a blogger launched a “Cut Gift Money for Shark Fin Banquet” campaign. It calls for people attending weddings or other celebration dinners that serve shark fins to withhold 30 per cent of the money that they intended to give the hosts as a present, and instead donate it to green groups.

“We all understand that we the banquet-goers are the true financiers of the banquets — we pay for our own meals in the name of “gift money” in the red envelopes. As such, if we are concerned about our environment, why don’t we just “follow the money” and make a change at the source ?!” writes Lee Yui-wah, who started the campaign.

No wonder Citigroup wasn’t spoiling for a fight.

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