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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
ISMAIL SECURITIES TRADING DEFENDANTS ONG CONGQIN BOBBY LUM KWAN PURCHASES APL TRADING PROCEEDS EVIDENCE ABDUL ISMAIL CIVIL INSIDER TRADING MERGER SWISS BANK ACCOUNT COURT ORDER FREEZING STAFF EXCHANGE COMMISSION FREEZE DEPOSITION LACKS SUFFICIENT EVIDENCE PROSECUTING PREJUDICE REFILE UNCOVER PENDING CLAIMS EXTEND |
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
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