Teo Siong Seng expands leave of absence to include roles at NUS, shipping company PIL after US indictment

Singaporean shipping executive Teo Siong Seng has broadened his leave of absence to encompass his positions at the National University of Singapore (NUS) and his shipping firm, Pacific International Lines (PIL). This decision comes after the U.S. Justice Department accused him and six other executives of conspiring to manipulate the prices and limit the production of dry shipping containers.

Mr. Teo stated that he proactively chose to take these leaves to dedicate sufficient time to address the matter and act in the best interests of the organizations involved. He will step down from his role as Pro-Chancellor of NUS starting June 1 and from his executive chairman and director roles at PIL effective June 8. He also confirmed his leave from roles at the Singapore Business Federation (SBF), Singapore Economic Resilience Taskforce (SERT), and Enterprise Singapore, effective June 1.

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I have proactively decided to take these leaves of absence to afford myself sufficient time to attend to this matter, and for the best interests of the aforementioned organisations.

Teo Siong Seng, who also chairs Hong Kong-based Singamas Container Holdings, is among seven executives named in a U.S. indictment alleging a conspiracy that ran from November 2019 to at least January 2024. The U.S. Justice Department claims this alleged collusion caused standard shipping container prices to double between 2019 and 2021, significantly boosting manufacturers' profits during the COVID-19 pandemic and global supply chain crisis. Mr. Teo also announced he will not seek re-election as SBF chairman when his term ends on June 24.

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I note that my current term as Chairman of the SBF is due to conclude on June 24, 2026. I do not intend to seek re-election at the end of my term.