Singamas Shares Plunge After US DOJ Allegations Against CEO

Singamas shares plunge after US DOJ allegations against CEO

Singamas shares tumbled after US DOJ allegations of price-fixing against CEO Teo Siong Seng, though the company stated he has not been served legal papers. Read more at straitstimes.com.

Singamas shares plunge after US DOJ allegations against CEO Teo Siong Seng

The firm has engaged external legal advisors, and business operations will remain normal in the meantime Read more at The Business Times.

The alleged cartel fueled Singamas’ swing to a $239m (US$186.8m) profit in 2021.

Container firm execs, including shipping veteran Teo Siong Seng, accused of price fixing in US

SINGAPORE — Seven executives of shipping container companies, including Singaporean shipping veteran Teo Siong Seng, have been accused by the US of colluding to fix the prices of dry containers from November 2019 until at least January 2024.As a result, the prices of standard shipping containers are said to have roughly doubled between 2019 and 2021, noted the US Department of Justice in a statement on May 19.Through this alleged scheme, four of…