"The conspiracy exploited the COVID-19 pandemic and global supply chain crisis, increasing costs for American consumers."
April 14, 2026 – Vick Nam Hing Ma, a marketing director at Singamas Container Holdings Ltd., was arrested in France on charges of participating in a conspiracy to fix prices and restrict output of standard dry shipping containers. The U.S. Department of Justice unsealed a superseding indictment charging Ma and ten other defendants, including four companies and six individuals, with violating Section 1 of the Sherman Antitrust Act.
Key Details
- Conspiracy Period: November 2019 to January 2024
- Companies Charged: Singamas Container Holdings Ltd., China International Marine Containers (Group) Co., Ltd. (CIMC), Shanghai Universal Logistics Equipment Co., Ltd. (Dong Fang), and CXIC Group Containers Co. Ltd. (CXIC)
- Individuals Charged:
- Siong Seng Teo (Singamas CEO)
- Boliang Mai (CIMC Chairman/CEO)
- Tianhua Huang (CIMC Vice President)
- Yongbo Wan (CIMC General Manager)
- Qianmin Li (Dong Fang General Manager)
- Yuqiang Zhang (CXIC CEO)
Alleged Conduct
Defendants agreed to limit production by reducing shifts and hours, installing surveillance cameras on production lines, and not building new factories. They also established a penalty fund for non-compliance. The conspiracy aimed to raise prices of standard dry containers, which approximately doubled between 2019 and 2021.
The financial impact was significant. CIMC's container manufacturing profits rose from about $19.8 million in 2019 to $1.75 billion in 2021. Singamas's net income improved from a loss of $110 million in 2019 to a profit of $186.8 million in 2021.
Statements
The Department of Justice stated that the conspiracy exploited the COVID-19 pandemic and global supply chain crisis, increasing costs for American consumers. Officials emphasized commitment to prosecuting anticompetitive behavior.
Legal Proceedings
- Vick Ma's extradition to the United States is pending.
- Six individual co-defendants remain at large.
- Charges carry maximum penalties of 10 years in prison and $1 million fine for individuals, and $100 million fine for corporations.
Investigation
The investigation was conducted by the FBI, the U.S. Postal Service Office of Inspector General, and the U.S. General Services Administration Office of Inspector General. Prosecution is led by the Antitrust Division's San Francisco Office.