US price-fixing probe on Singaporean tycoon signals consistent legal approach
A US price-fixing investigation has ensnared Teo Siong Seng, the CEO of Singamas Container Holdings and a prominent figure in Singapore's business community. The US Department of Justice alleges that Teo and six other executives from major container manufacturers colluded to manipulate prices and restrict output of standard dry containers. This alleged conspiracy, which reportedly began in late 2019, is said to have doubled container prices and significantly increased manufacturers' profits during the COVID-19 pandemic. AI
