Published • loading... • Updated
Teo Siong Seng Expands Leave of Absence to Roles at NUS, Shipping Company PIL After US Indictment
The shipping executive said the leave is to address U.S. price-fixing allegations involving dry containers, with seven people named in the indictment.
- Shipping executive Teo Siong Seng announced yesterday he will take leave from Pacific International Lines and the National University of Singapore effective June 8 and June 1, respectively, to address U.S. DOJ price-fixing charges.
- The DOJ indicted Teo and six other executives on May 19, alleging they conspired to restrict container production and artificially inflate prices between 2019 and 2022.
- Prosecutors allege the cartel installed cameras to verify compliance and expanded restrictions to include "total allowable capacity" caps, which allegedly boosted profit margins for participants.
- Teo also resigned from the Singapore Business Federation and other government taskforces, while fellow Singamas executive Vick Ma faces extradition to the United States after his arrest in France.
- Singamas, where Teo serves as chief executive, swung from a $110 million loss in 2019 to a $190 million profit in 2021 as Pacific International Lines operates as the 12th-largest global container line.
Insights by Ground AI
11 Articles
11 Articles
Indicted liner chairman Teo stands down from top industry jobs
Embattled Singamas Container Holdings executive chairman Teo Siong Seng said today he would take leave of absence from his concurrent role as Pacific International Lines’ (PIL) executive chairman, after the US Justice Department (DoJ) indicted him for cartel-like behaviour with fellow container makers. On 19 May, the DoJ indicted Mr Teo (pictured) for allegedly colluding with Chinese container-makers CIMC, Shanghai Universal Logistics Equipment …
Coverage Details
Total News Sources11
Leaning Left0Leaning Right1Center4Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
C 80%
R 20%
Factuality
To view factuality data please Upgrade to Premium
