==========================================START OF PAGE 1======





                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Litigation Release No. 15334 / April 15, 1997

SECURITIES AND EXCHANGE COMMISSION v. ONE UNKNOWN PURCHASER OF
THE CALL OPTIONS OF APL LIMITED AND ONG CONGQIN BOBBY,  Civil
Action No. 97-Civ. 2664 (S.D.N.Y.) (JSM) (filed April 15, 1997)  

   
     On April 15, 1997, the Commission filed a civil complaint in
the United States District Court for the Southern District of New
York against Ong Congqin Bobby ("Ong") and One Unknown Purchaser
of Call Options of APL Limited ("Unknown Purchaser").  The
complaint alleges that the defendants engaged in illegal insider
trading prior to the public announcement on Sunday, April 13,
1997, that APL Limited ("APL") would be acquired by Singapore-
based Neptune Orient Lines Ltd., thereby violating Section 10(b)
of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

The Commission's complaint seeks injunctive relief, disgorgement,
and civil penalties.

     The complaint alleges that on Friday, April 11, defendant
Unknown Purchaser purchased a total of 400 APL May call options
and 400 APL July call options anonymously through an account
maintained under the name of a Swiss Bank.  Defendant Ong
purchased 340 May 20 APL call options and 550 May 22-1/2 APL call
options through a newly-opened trading account at the Singapore
subsidiary of a United States brokerage firm.  The complaint
alleges that defendants' purchases represented 74 percent of the
trading volume in these option series that day.  On Monday, April
14, 1997, the day after the announcement, the price of APL stock
sharply increased by $8.25 per share, closing at $29.75 or 38%
higher than the $21.50 closing price the previous Friday.

     The Court granted the Commission's request for an order
temporarily freezing the assets in the defendants' accounts
attributable to the trading of APL call options, requiring
defendants to identify themselves, allowing expedited discovery,
and granting other ancillary relief.  The Court scheduled a
preliminary injunction hearing for April 25, 1997.

     The Commission wishes to acknowledge the assistance of the
Pacific Exchange.