Singapore shipping tycoon Teo Siong Seng has been accused by the US of colluding with four other companies to artificially restrict production of shipping containers, which could lead to billions of dollars in damages. The case adds to renewed scrutiny on Singapore's maritime industry due to a series of high-profile corporate scandals over the past decade.
SINGAPORE: Singapore shipping tycoon Teo Siong Seng was accused by the US of colluding to raise dry-container prices, placing one of the city-state's most prominent business figures at the center of a sweeping antitrust case .
Earlier this week, the indictment against Teo and several other executives at four of the world's largest makers of shipping containers was unsealed. Teo, the chief executive officer at Singamas Container Holdings Ltd, was alleged to have joined an agreement to restrict production through quotas and introduce penalties for exceeding output limits from 2019 to at least 2024. China International Marine Containers, Dong Fang International Container, and CXIC Group Containers and their top executives were also named in the probe.
The case adds to renewed scrutiny on Singapore's maritime industry following a series of high-profile corporate scandals over the past decade. Teo did not reply to an email seeking comment. Hong Kong-listed Singamas said in an exchange filing on Wednesday it had engaged external legal advisers and that operations remained normal. Neither the company nor Teo had been served by the US justice department.
Teo is a leading corporate figure in Singapore where he serves as the chairman of the Singapore Business Federation. He’s also a member of a government-led economic taskforce and sits on the board of a government agency. Teo was recently featured by the Maritime and Port Authority of Singapore in a social media video on his family’s shipping legacy.
Pacific International Lines Pte, the parent of Singamas, in 2021 received a US$600 million rescue package from a unit of Singapore state investor Temasek Holdings Pte. US prosecutors said Teo was informed ahead of a December 2019 meeting in Shanghai to discuss the 'healthy development' of the container industry. He was later allegedly briefed on plans to artificially curb production before a formal agreement was signed with the other alleged co-conspirators.
The indictment claimed efforts were made to conceal the collusion. Teo had allegedly said 'we also need to keep low key' after the 2019 meeting as it could violate monopoly laws or lead to accusations of price manipulation. Another Singamas board member said the discussion 'appeared to be anti-competition' and suggested deleting the email chain after reading it. Teo responded: 'Yes I feel the same.
Teo Siong Seng Singamas Container Holdings Ltd World's Largest Makers Of Shipping Containers Indictment Colluding Anticompetition Billion Dollars In Damages Maritime And Port Authority Of Singapore Government-Led Economic Taskforce Singapore Business Federation Maritime Co Singamas Parent Company Antitrust Case Singapore's Maritime Industry
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