A COUPLE who entrusted their business to their son before moving to the United States are alleging he sold their property without consent, transferred their shares to companies under his control and refused to return 25 taels of gold. Wu Shiao-wu and his wife, Wu Leung Wai-sin, are suing James Wu Yau-ching for breach of fiduciary duty as trustee of their assets. In a writ filed with the Supreme Court against their son and a company under his control, Seven Sea Chemicals (Holding) Ltd, the couple asks for an account of all the relevant dealings and an order that their son indemnify them against all loss and damage. According to the claim, Mr and Mrs Wu founded a successful business making mattresses and related products marketed under the trademark ''Sea Horse''. They conducted the business through the Seven Sea Latex and Chemical Corporation Ltd and Seven Start Chemical Products Ltd. The writ says Mr Wu transferred 10 of his 35 Seven Sea Latex shares to his son and he was elected as a director in November 1978. In 1978, the couple also executed a general power of attorney so their son could manage their properties. They also claim they entrusted the contents of a safe deposit box, including 25 taels of gold, to him. They say that, without their knowledge, their son transferred 80 per cent of his parents' Seven Sea Latex shares to Seven Sea Chemicals, a company he controls. Also without his parents' knowledge, he transferred all their Seven Start Chemicals shares, first to himself and two other people and then to Seven Sea Chemicals, it is alleged. The plaintiffs say their son also sold some of the properties and failed to give them an account of the proceeds, except in one case.
