Teo Siong Seng won’t seek SBF re-election amid US indictment, broadens leave to PIL and NUS

SINGAPORE: Shipping magnate Teo Siong Seng will take further leaves of absence from Pacific International Lines (PIL) and the National University of Singapore (NUS) as he responds to accusations by the United States Department of Justice (DOJ) over an alleged global container price-fixing scheme.

According to state media CNA, Teo, 71, announced on 28 May 2026 that his leave of absence from PIL would take effect from 8 June. He also said he would step away from his duties as pro-chancellor of NUS from 1 June.

The move follows an earlier announcement on 22 May that Teo would temporarily step aside from his role as chairman of the Singapore Business Federation (SBF) and related public appointments.

These include positions on the Singapore Economic Resilience Taskforce (SERT) and the board of Enterprise Singapore.

In his first public remarks since the DOJ unsealed an indictment on 19 May, Teo 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.”

He also confirmed that he would not seek re-election when his current SBF term ends on 24 June.

Leadership changes across major institutions

Teo currently serves as executive chairman and director of PIL, Singapore’s largest homegrown container shipping line operating in more than 100 countries.

He assumed the executive chairman role on 1 April 2018, succeeding his father, shipping tycoon Chang Yun Chung, founder of PIL.

The SBF said vice-chairman and honorary treasurer Mark Lee would assume Teo’s duties during his leave.

Teo had returned as SBF chairman on 20 May 2025 after predecessor Lim Ming Yan stepped down early to focus on his appointment as chairman of Changi Airport Group.

He had previously chaired the apex business chamber from 2014 to 2020, serving three consecutive two-year terms.

The SBF occupies one of the most influential positions within Singapore’s business landscape, representing the private sector in engagements with government and international stakeholders.

Teo’s membership in SERT further heightened attention surrounding the case, given the task force’s involvement in matters linked to global trade policy and economic resilience.

Details of the US indictment

According to the DOJ, Teo and six other executives allegedly participated in a conspiracy to restrict the production of dry shipping containers in order to inflate prices.

Prosecutors alleged the scheme caused standard 20-foot container prices to rise from about US$1,600 in 2019 to more than US$3,500 by 2021 during the Covid-19 pandemic.

Court documents alleged that Teo was personally informed about aspects of the arrangement.

One allegation stated that in July 2022, Teo expressed support for a monthly quota system rather than restrictions based on daily working hours.

Another allegation stated that he received documents in November 2023 detailing “total allowable capacity” allocations organised by company and production line.

The indictment further alleged that in December 2019, Teo responded to a report concerning a six-company meeting by writing that “we also need to keep low key” and agreed to delete the related e-mail correspondence.

In March 2022, prosecutors alleged a Singamas executive advised Teo to remove references to “market discipline” from an investor presentation due to “anti-trust issue”.

Court documents alleged Teo replied: “Appreciate, I will make some amendments to the slide (take out come [sic] words) and revert tomorrow am.”

All defendants are presumed innocent until proven guilty beyond a reasonable doubt.

Companies and executives named

One of the companies named in the indictment is Singamas Container Holdings, where Teo serves as chief executive and chairman.

According to Singamas’ 2025 annual report, PIL beneficially owned 41.72 per cent of Singamas shares as at 31 December 2025.

The DOJ also named China International Marine Containers (CIMC), CXIC Group Containers and Shanghai Universal Logistics Equipment as alleged participants in the conspiracy.

The seven executives named include Teo and Chinese national Vick Nam Hing Ma, marketing director of Singamas.

Ma was arrested in France on 14 April 2026 while allegedly attempting to board a flight to Hong Kong. His extradition to the United States is pending.

Other individuals named in the indictment include CIMC chairman Mai Boliang, CIMC vice-president Huang Tianhua, CIMC operations executive Wan Yongbo, Shanghai Universal Logistics Equipment executive Li Qianmin, and CXIC Group Containers chief executive Zhang Yuqiang.

Trading halt and company response

Before the DOJ publicly announced the charges, Singamas had disclosed on 30 April 2026 that it was involved in a matter concerning alleged anti-competitive conduct.

Trading in Singamas shares on the Hong Kong Stock Exchange was halted at 1:49 p.m. on 20 May 2026 pending release of further information.

In a filing made the same day, Singamas confirmed that the DOJ had brought charges against the company, Teo and another employee.

The company stated that neither it nor Teo had received formal legal documentation from US authorities as at the filing date.

Singamas also said external legal advisers had been engaged and that day-to-day operations remained “normal in all material respects”.

Trading resumed on 21 May 2026.

Teo’s business and public career

Teo is the fifth son of the late Chang Yun Chung, who founded PIL in 1967 and built it into one of Asia’s major shipping groups.

Chang died in Singapore on 4 September 2020 at the age of 102.

During his lifetime, Forbes recognised him as the world’s oldest billionaire following the death of David Rockefeller in 2017.

Teo formally joined PIL in 1979 and steadily rose through the organisation.

He became assistant managing director in 1982, deputy managing director in 1986, and managing director in October 1992.

Under his leadership, PIL expanded beyond intra-Asia routes into China, the Middle East, East Africa, Europe and North America.

By 2000, PIL recorded annual turnover of S$1.3 billion, making it Singapore’s second-largest shipping conglomerate.

Teo has also maintained a significant public profile beyond commerce.

He served as a Nominated Member of Parliament from 2009 to 2014 representing the commerce sector.

During that period, he advocated stronger support for small and medium-sized enterprises expanding overseas and called for lower regulatory compliance costs.

Teo also chaired the Singapore Chinese Chamber of Commerce and Industry from 2009 to 2013, where he introduced reforms including the removal of clan-based reserved seats from the chamber’s election framework.

In addition to his business roles, he serves as Honorary Consul of Tanzania to Singapore.

He received Singapore’s Public Service Medal in 2010 and the Public Service Star in 2019.

The indictment now places one of Singapore’s most prominent business figures at the centre of a major international antitrust prosecution carrying potentially significant commercial and reputational consequences for both PIL and Singamas.