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South Korea said to open cartel probe into Teo Siong Seng’s Singamas and other container makers

Published July 8, 2026 at 1:15 PM UTC

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The Korea Fair Trade Commission (KFTC) has initiated an investigation into Singamas Container Holdings, led by Singaporean shipping veteran Teo Siong Seng, and three Chinese container manufacturers—China International Marine Containers (CIMC), Shanghai Universal Logistics Equipment, and CXIC Group Containers. The probe focuses on alleged price-fixing activities that may have violated South Korean competition laws. This action follows a U.S. Department of Justice indictment in May 2026, which accused these companies of conspiring to restrict container production and inflate prices between November 2019 and January 2024. The alleged collusion resulted in a significant increase in container prices, with standard shipping containers reportedly doubling in price during this period. The KFTC's investigation aims to determine whether these practices have caused harm to domestic shipping companies in South Korea. The outcome of this inquiry could lead to fines and other sanctions if the companies are found to have engaged in illegal activities affecting the South Korean market.