In response to a US indictment, Singapore businessman Mr Teo Siong Seng takes a leave of absence from his roles at the Singapore Business Federation (SBF), the Singapore Economic Resilience Taskforce (SERT) and Enterprise Singapore, as stated by the Ministry of Trade and Industry (MTI).
Mr Teo's leave of absence was to 'focus his attention on addressing the indictment by the US Department of Justice', says the Ministry of Trade and Industry ( MTI).
Mr Teo Siong Seng, chairman of the Singapore Business Federation, gives a welcome address at the SBF Future Economy Conference on May 13, 2026. (File photo: CNA/Liew Zhi Xin). 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 US Justice Department said that as a result of the conspiracy, the prices of standard shipping containers doubled between 2019 and 2021. 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'.
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
Please follow us on Google to support usSingapore MTI Singapore Business Federation (SBF) Businessman Aibăment Indictment Leave Businessman Takes Leave Of Absence Business Economics Singapore Economic Resilience Taskforce (SERT) Enterprise Singapore Conspiracy Price-Fixing Double US Justice Department Anti-Competition CNA Ask Reply Dance Amount Fine Timeframe About Same Meeting
Singapore Latest News, Singapore Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
Keppel, Singapore's Infocomm Media Development Authority (IMDA) and telecom industry in SingaporeThe passage is about the events surrounding the collapse of a proposed merger between M1 and Simba, a telecom operator in Singapore. It also highlights the impact of this event on Keppel's asset-light transformation plans and comments on the cost pressures and declining average revenue per user (ARPU) in the Singapore telecom industry.
Read more »
National AI Missions: Global Focus, Economic DriversMinister Josephine Teo's announcement at ATxSummit 2026 emphasizes the National AI Missions as global initiatives addressing significant challenges. These missions, backed by the National AI Council, aim to drive AI adoption across sectors, including connectivity, advanced manufacturing, healthcare, and finance, with sectors like aviation, maritime, and healthcare highlighting specific use cases. The National AI Strategy update, released by Mrs. Teo, focuses on deepening sectoral transformation, mainstreaming AI adoption, and building a robust AI workforce foundation, positioning Singapore as a trusted, globally relevant AI hub.
Read more »
Progress Singapore Party Secretary-General Admires Late Singapore Leader Dr Goh Keng SweeLeong Mun Wai, the secretary-general of the Progress Singapore Party, attended the launch of a new book by Dr Phua Swee Liang, the widow of late Singapore leader Dr Goh Keng Swee, expressing his admiration for Dr Goh as a founding father, outstanding political leader, and visionary economic planner
Read more »
Shipping exec Teo Siong Seng accused of price-fixing in the USTeo Siong Seng is among seven executives of shipping container manufacturing companies that have been accused by the US of conspiring to restrict the output and fix the prices of dry shipping containers.
Read more »