Teo Siong Seng announced a leave of absence from his posts at the Singapore Business Federation (SBF), the Singapore Economic Resilience Taskforce (SERT), and Enterprise Singapore on May 22 to address an indictment by the US Department of Justice (DOJ) related to alleged price-fixing of shipping containers [1, 2, 3].
Teo, 71, holds multiple roles as SBF chairman, an Enterprise Singapore board member, and a member of SERT by virtue of his SBF position [1, 2, 3]. He is also CEO and chairman of Singamas Container Holdings, a Hong Kong-based shipping container manufacturer implicated in the indictment [1, 2, 3].
The DOJ charged Teo and six other executives from the major shipping container manufacturers with conspiring to restrict supply and fix prices of dry shipping containers over more than four years, from at least November 2019 through January 2024 [1, 2, 3]. Other indicted executives include Mai Boliang, former president and current chairman of China International Marine Containers (CIMC); CIMC vice-president Huang Tianhua; CIMC operations chief Wan Yongbo; Shanghai Universal Logistics Equipment general manager Li Qianmin; CXIC Group Containers CEO Zhang Yuqiang; and Singamas marketing director Vick Ma [1, 3].
The alleged cartel greatly affected prices, with standard container prices roughly doubling between 2019 and 2021 while manufacturers saw profit increases of about 100-fold during that period [1, 2, 3]. Court documents reveal emails and meeting notes in which Teo acknowledged the anti-competitive nature of the gatherings and emphasized maintaining a low profile [2].
Vick Ma, Singamas’ marketing director, was arrested in France on April 14 while attempting to travel to Hong Kong [1, 3].
The Singapore Ministry of Trade and Industry said Teo’s leave was to focus attention on addressing the US legal proceedings. A spokesperson added, "[We are] unable to comment further given the ongoing legal process in the US" [1, 2].
SERT was set up to help businesses and workers manage the impact of US tariffs, but Teo’s absence may affect its leadership and coordination [1, 2, 3].
The case continues to unfold as the US legal process proceeds. Teo’s leave begins May 22 while investigations and court actions are underway in the United States [1, 2, 3].
