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.