Container cartel claims see SS Teo step back from public roles

Teo, the 71-year-old executive chairman and chief executive of Singamas Container Holdings, has taken leaves of absence from his roles as chairman of the Singapore Business Federation, board member of Enterprise Singapore and participant in Singapore’s government-led economic resilience taskforce.    The move follows last week’s indictment by US prosecutors accusing four of the world’s largest container manufacturers and seven executives of conspiring to restrict container output and fix prices between 2019 and 2024. Teo is among those named alongside executives from CIMC, CXIC and Dong Fang.    US authorities allege the scheme helped roughly double dry container prices during the pandemic-era supply chain crisis and dramatically boosted profits across the sector.

Singapore’s Ministry of Trade and Industry said Teo had requested leave from his public appointments so he could focus his attention on addressing the indictment by the US Department of Justice.    Singamas has strongly stressed that neither the company nor Teo has been served with any legal process or documentation by the US authorities, and the Hong Kong-listed manufacturer has denied any wrongdoing.

The company told the Hong Kong Stock Exchange it was seeking legal advice and would “vigorously defend” its position if necessary, while maintaining that normal business operations continue.      Teo, widely known in Asian shipping circles as SS Teo, remains one of Singapore shipping’s most recognisable figures through his long association with Pacific International Lines and a range of industry leadership roles.