Singamas and other alleged container cartel members could face lawsuits from customers
US law firms say that civil claims could be filed, on top of the criminal charges brought by the Department of Justice over price-fixing
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[SINGAPORE] The alleged fixing of container prices by major manufacturers and some of their executives, including Singaporean shipping veteran Teo Siong Seng, may trigger civil claims in addition to the criminal charges that have been announced against them.
Teo, together with four container companies and six other individuals from these corporations, has been accused by the US Department of Justice (DOJ) of colluding to artificially inflate the prices of standard shipping dry containers by limiting output.
The US law has broad extraterritorial reach that provides for America to prosecute alleged price-fixing acts outside the nation, if these behaviours have a direct and substantial impact on its markets.
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