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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Litigation Release No. 15351 / April 25, 1997

SECURITIES AND EXCHANGE COMMISSION V. ABDUL ISMAIL, ONG CONGQIN
BOBBY AND LUM KWAN SUNG, Civil Action No. 97-Civ. 2664 (S.D.N.Y.)
(JSM)

     On April 25, 1997, the Commission filed an amended civil
complaint in the United States District Court for the District of
New York against Lum Kwan Sung ("Lum").  The amended complaint
supplements the complaint filed by the Commission on April 15,
1997 against an unknown trader (since identified as Abdul Ismail)
and Ong Congqin Bobby.  The amended complaint alleges that, like
the other defendants, Lum 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 amended complaint seeks injunctive relief,
disgorgement, and civil penalties.

     Lum is a Singapore resident and the Executive Chairman of
Lum Chang Holdings.  The amended complaint alleges that on
February 25, 1997, Lum opened a trading account at the Singapore
subsidiary of a U.S. brokerage firm.  Between February 25, 1997
and March 18, 1997, Lum purchased a total of 190,100 shares of
APL common stock through this account, representing a total
investment of $4,398,132.  As set forth in the amended complaint,
Lum claimed to have made his decision to make the largest
securities investment of his life based on "market rumors" and
"chit chat" with friends whom he could not identify and on
cursory information regarding APL allegedly provided by a
representative of a Singapore broker-dealer owned by Lum's
company.  The broker-dealer owned by Lum's company is a member of
the Stock Exchange of Singapore.  The Stock Exchange of Singapore
received notice of Neptune's plan to acquire APL on February 24,
1997, the day before Lum's trading commenced.  In addition, Lum
acknowledged knowing two senior members of Neptune Orient's
management who were intimately involved in the company's decision
making and negotiations with respect to the acquisition.  

     On April 14, 1997, the first trading day after the public
announcement, the price of APL stock rose by $8.25 per share and
closed at $29.75, representing a 38% increase over the closing
price on Friday, April 11.  As of that date, the value of Lum's
initial investment had increased by over $1.2 million.  

     The Commission wishes to acknowledge the assistance of the
New York Stock Exchange.