Singapore Shipping Tycoon Indicted in Global Container Price Cartel Case

By Rong Wei Neo (Bloomberg) — Singapore shipping tycoon Teo Siong Seng was accused by the US of colluding to raise dry-container prices, placing one of the city-state’s most prominent business figures at the center of a sweeping antitrust case.

Teo and several other executives at four of the world’s largest makers of shipping containers were indicted by the US Justice Department in a “global conspiracy affecting billions of dollars of commerce.” The indictment was filed in January and unsealed earlier this week.

Teo, the chief executive officer at Singamas Container Holdings Ltd., was alleged to have joined an agreement to