Singapore promises to help investigate U.S. insider-trading case
SINGAPORE (AP) _ Singapore said Wednesday it has agreed to help U.S. securities regulators investigate insider-trading charges against Singapore investors in a major shipping merger.
The Monetary Authority of Singapore, saying it was responding to a request from the U.S. Embassy for assistance, issued a statement promising ``full cooperation and assistance.″
Two Singapore businessman and one other person are accused of profiting illegally from advance knowledge of the $825 million takeover of APL Ltd., the second-largest U.S. shipper, by Neptune Orient Lines Ltd. of Singapore.
APL’s stock to increase 39 percent in one day after the purchase was announced April 13.
Two days later, the U.S. Securities and Exchange Commission charged Singapore investor Bobby Ong Congqin and a man later identified as Abdul Ismail of London with making $1 million in profits by buying APL options.
The options entitled the two men to buy APL shares at a deep discount after the acquisition was announced.
The SEC also accused Singapore businessman Raymond Lum Kwan Sung with making $1.2 million in profits by acquiring 190,100 shares of APL stock.