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SINGAPORE: Shipping executive Teo Siong Seng, who is accused of conspiring to restrict the output and fix prices of dry containers, will take a leave of absence from his roles at the Singapore Business Federation (SBF), the Singapore Economic Resilience Taskforce (SERT) and Enterprise Singapore, said the Ministry of Trade and Industry (MTI) on Friday (May 22).
Responding to CNA queries, MTI said it was informed by Mr Teo that his leave of absence was to "focus his attention on addressing the indictment by the US Department of Justice".
MTI added that it was “unable to comment further given the ongoing legal process in the US”.
Mr Teo became SBF's chairman in May, 2025. As SBF chairman, he is part of SERT, which was set up last year to help businesses and workers deal with the impact of US tariffs.
SBF told CNA that Mr Teo’s duties as chairman would be assumed by vice-chairman and treasurer Mark Lee.
"SBF’s operations, engagements and ongoing initiatives will continue as planned, and the federation remains committed to its mission," it said.
Mr Teo, who is the CEO and chairman of Hong Kong company Singamas Container Holdings, is one of seven executives from shipping container manufacturing companies that the US named in the price-fixing conspiracy.
The alleged conspiracy went on for over four years, from November 2019 to at least January 2024.
The US Justice Department said that as a result of the conspiracy, the prices of standard shipping containers doubled between 2019 and 2021, increasing container manufacturers’ profits by about 100-fold during the COVID-19 pandemic and global supply chain crisis.
Court documents showed that days after a December 2019 meeting between the alleged conspirators, a Singamas executive reported to Mr Teo that he had reminded the others “not to be high profile since it might violate the monopoly law or being accused of price manipulation by our customers”.
Mr Teo had purportedly written in response to the executive’s report on the meeting that “we also need to keep low key”.
When another Singamas board member said in an email that the discussions “appeared to be anti-competition” and suggested deleting the email string, Mr Teo allegedly wrote back saying: “Yes I feel the same”.
Apart from Singamas, other companies allegedly involved in the conspiracy were China International Marine Containers (Group), Shanghai Universal Logistics Equipment Co, which owns Dong Fang International Containers, and CXIC Group Containers Co.
Singamas' marketing director Vick Nam Hing Ma was arrested in France on Apr 14. His extradition to the US is pending.
The other people accused include former CIMC president and chief executive Mai Boliang, who later became the firm’s chairman from August 2020, CIMC vice president Huang Tianhua and CIMC operation management centre general manager Wan Yongbo.
Dong Fang general manager Li Qianmin and CXIC CEO Zhang Yuqiang are also accused.
If found guilty, the defendants face up to 10 years in prison and a US$1 million fine for individuals and a US$100 million fine for corporations.
The fines may be raised to twice the gains from the crime or losses suffered by victims if those amounts exceed the statutory maximum.
