SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.


     Litigation Release No. 15442 / August 15, 1997

     SECURITIES AND EXCHANGE COMMISSION v. ABDUL ISMAIL, ONG CONGQIN BOBBY, AND
     LUM KWAN SUNG, 97 Civ. 2664 (U.S.D.C., S.D.N.Y.) (JSM)

          The Securities and Commission announced today that it has voluntarily
     dismissed its civil insider trading claim against Abdul Ismail, a London
     businessman.  Ismail is one of three defendants in a civil insider trading
     action involving purchases of the securities of APL Limited in advance of
     the public announcement, on April 13, 1997, that the company would be
     acquired in a merger with Neptune Orient Lines Ltd.  Using a numbered Swiss
     bank account, Ismail bought approximately $228,000 of APL stock options on
     April 11, 1997, which nearly doubled in value after the merger was
     announced two days later.  The Commission filed suit against Ismail as an
      unknown purchaser  and obtained a court order freezing his trading
     proceeds on April 15, 1997.  The Commission also sued a second, known
     defendant (Ong Congqin Bobby) in its April 15 complaint, and added a third,
     known defendant (Lum Kwan Sung) on April 25.

          Because the Swiss bank through which Ismail traded refused to divulge
     his identity, the Commission s staff was unable to interview him before the
     action was filed.  Since then, the staff has conducted a thorough
     investigation of his trading, including questioning him in a deposition. 
     Based on all of the evidence gathered since the case was filed, the
     Commission has determined that it lacks sufficient evidence to continue
     prosecuting its claim against Ismail at this time.  Under the terms of the
     dismissal, the freeze on Ismail s trading proceeds will be lifted
     immediately.  The dismissal is  without prejudice,  which means that the
     Commission would be permitted to refile its claim should it uncover
     additional evidence.

          The Commission s dismissal of its claim against Ismail does not affect
     its pending claims against defendants Ong and Lum or the court s orders
     freezing the proceeds of their APL securities purchases.  Those defendants
     have consented to extend the freezes on their accounts through dates in
     September 1997.  No hearing or trial dates on the SEC s claims against them
     have yet been scheduled.












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