U.S. wins battle in S'pore

U.S. wins battle in S'pore

SINGAPORE (DPA): United States authorities have won a battle in their investigation of two Singapore men accused of insider trading in the shares of a U.S. company, a news report said Sunday.

Singapore's High Court has granted the U.S. Securities and Exchange Commission (SEC) the right to take evidence from witnesses in Singapore regarding the two men, the Straits Times newspaper said.

Singaporeans Raymond Lum and Bobby Ong allegedly bought shares and options in the U.S. shipping group American President Lines (APL) before a surprise announcement in April 1997 that Singapore's Neptune Orient Lines was buying APL.

The SEC has accused the two men of making illegal profits by using "material, non-public information", the newspaper said.