Mark Lee succeeds Teo Siong Seng as Singapore Business Federation chairman

Mark Lee succeeds Teo Siong Seng as Singapore Business Federation chairman Shipping executive Teo Siong Seng took a leave of absence from his duties as SBF chairman after being accused in the United States of being part of a price-fixing cartel. His term ended on Wednesday. SINGAPORE: Businessman Mark Lee has been elected chairman of the Singapore Business Federation (SBF), taking over from shipping executive Teo Siong Seng at SBF's annual general meeting on Wednesday (Jun 24). Mr Teo took a leave of absence from his duties as SBF chairman in May after being accused by the United States of being part of a cartel that restricted the output and fixed the prices of dry shipping containers. He said in a statement at the time that he did not intend to seek re-election as SBF chairman. His term ended on Wednesday. Since being named by the US Justice Department in late May, Mr Teo has also taken a leave of absence from his roles at the Singapore Economic Resilience Taskforce, as well as from the National University of Singapore and the shipping firm Pacific International Lines. "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," he said then. Related: Mr Lee, CEO of Sing Lun Holdings, a private group of companies involved in industry, real estate and investments, was elected by the newly-formed SBF council and will serve a two-year term from 2026 to 2028, said SBF. Mr Lee is also a Nominated Member of Parliament, currently in his second term. He was previously SBF's vice-chairman and treasurer and had assumed Mr Teo's duties as chairman after he took his leave of absence. SBF thanked the outgoing council members, including Mr Teo, for their contributions to Singapore's business community. Mr Lee's appointment comes amid "geopolitical tensions, rapid advances in artificial intelligence and shifting trade patterns" that are reshaping the global economy. This creates both challenges and opportunities for enterprises, said the newly-appointed SBF chairman. "As chairman of SBF, my priority is to ensure that businesses remain competitive, resilient and future-ready. "We will work closely with businesses, government and industry partners to develop practical solutions, foster a pro-enterprise environment and help companies build the capabilities needed to innovate, internationalise and grow with confidence." Mr Lee said that Singapore has an opportunity to capitalise on its ASEAN chairmanship in 2027 by deepening regional economic integration and strengthening the bloc's position as a key engine of global growth. "SBF will work with partners across the region to translate these opportunities into tangible outcomes for businesses and advance a more connected, innovative and sustainable ASEAN."