PIL chairman to take leave of absence after US price fixing accusations, local media say

Singamas Container Holdings

28/05/2026 07:49

    SINGAPORE, May 28 (Reuters) - Pacific International Lines chairman Teo Siong Seng announced on Thursday that he will take a leave of absence after he was accused of price fixing by the United States, according to local media reports. 
Here are the details: 
In a statement to local media on Thursday, Teo said he would take a leave of absence from his role as PIL chairman from June 8. 
He said: "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."
Earlier last week, Teo, who is also chief executive and chairman of Hong Kong ⁠company Singamas Container Holdings <0716.HK>, took ​a leave of absence from two other roles. ​Teo is chair of the Singapore Business Federation and a board member of government agency Enterprise Singapore.
The U.S. Department of Justice has accused Teo and six other executives of conspiring to restrict ​the supply of shipping containers and fix prices during the COVID ‌pandemic. 
Prosecutors allege ⁠the ​scheme resulted in U.S. ​consumers paying more, and waiting longer, for goods during the ​pandemic.
Reuters has reached out to Singamas for Teo's statement.    

 (Reporting by Jun Yuan Yong; Editing by David Stanway)
 ((junyuan.yong@thomsonreuters.com))