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

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.


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