ports

Container Industry Executive Steps Back From PIL Role Following US Indictment

Teo Siong Seng, executive chairman of Singamas Container Holdings, announced he is taking a leave of absence from his concurrent role at Pacific International Lines following a US Justice Department indictment for alleged cartel conduct. The DoJ charged Teo and executives from Chinese manufacturers CIMC, Shanghai Universal Logistics Equipment, and CXIC with price-fixing and output reduction. The alleged scheme occurred between November 2019 and January 2024. Court documents reveal communications where Teo allegedly advised colleagues to maintain a low profile to avoid antitrust scrutiny. Chinese container makers control 95 percent of global production. The alleged scheme coincided with pandemic-driven supply chain disruptions, when container prices surged roughly 100-fold. CIMC chairman Mai Boliang also faces indictment, while Singamas marketing director Vick Ma was arrested in France in April and awaits extradition.