\n<\/p>\n
SINGAPORE, May 23 \u2014 Veteran shipping executive Teo Siong Seng has taken a leave of absence from his roles at the Singapore Business Federation (SBF), the Singapore Economic Resilience Taskforce (SERT) and Enterprise Singapore, as he moves to address criminal charges filed against him by the US Department of Justice (DOJ).<\/p>\n
The Ministry of Trade and Industry (MTI) said \u00a0Teo informed the ministry of his decision, citing the need to \u201cfocus his attention\u201d on responding to the indictment. MTI declined further comment, noting that legal proceedings in the US are ongoing.<\/p>\n
SBF confirmed the move, adding that vice-chairman and honorary treasurer Mark Lee will assume \u00a0Teo\u2019s duties as chairman. The federation said its operations and initiatives will continue uninterrupted.<\/p>\n
Teo, 71, is among seven individuals charged in the US for allegedly colluding with executives from major container manufacturers to restrict the production of dry shipping containers, a move that prosecutors say artificially inflated global prices.<\/p>\n
Between 2019 and 2021, prices of standard containers reportedly doubled, while four of the world\u2019s largest manufacturers saw profits surge nearly hundredfold. One of the firms named is Singamas Container Holdings, where \u00a0Teo serves as chief executive. Singamas is a subsidiary of Pacific International Lines, where he is executive chairman.<\/p>\n
The other companies cited in the indictment include China International Marine Containers (CIMC), Shanghai Universal Logistics Equipment, and CXIC Group Containers.<\/p>\n
Among the individuals charged is Vick Ma, Singamas\u2019 marketing director, who was arrested in France on April 14 while attempting to fly to Hong Kong. Others named include senior executives from CIMC, Shanghai Universal Logistics Equipment and CXIC.<\/p>\n
Beyond chairing SBF, \u00a0Teo sits on the board of Enterprise Singapore and, through his SBF role, is a member of SERT, which was formed to help Singapore navigate the economic impact of US tariffs.<\/p>\n
\u00a0<\/p>\n<\/div>\n