SINGAPORE: Shipping executive Teo Siong Seng is among seven executives of shipping container manufacturing companies that have been accused by the United States of conspiring to restrict the output and fix the prices of dry containers.
The price-fixing of nearly all the world’s standard dry – or unrefrigerated – containers went on for over four years, spanning as early as November 2019 to at least January 2024, the US Justice Department said in a press release on Tuesday (May 19).
“The multi-year conspiracy roughly doubled the prices of standard shipping containers between 2019 and 2021, increasing the container manufacturers’ profits approximately one hundredfold during the COVID-19 pandemic and global supply chain crisis,” it said.
Mr Teo is employed by Singamas Container Holdings as its CEO and chairman, a publicly traded company in Hong Kong. Singamas is a listed subsidiary of Pacific International Lines, of which Mr Teo is executive chairman.
Mr Teo is also the chairman of the Singapore Business Federation (SBF). As SBF chairman, he is part of the Singapore Economic Resilience Taskforce.
