The United States announced on Tuesday the indictment of seven Chinese executives and four of the world’s largest container manufacturers, suspected of conspiring to limit their production and fix prices.
The companies involved manufacture approximately 95% of the standard containers worldwide, and their alleged conspiracy to restrict supply during the Covid-19 pandemic and resulting crisis impacted around $35 billion in international trade, detailed the U.S. Department of Justice.
“This is how, at the height of the Covid pandemic, the defendants enriched themselves by strangling the global container supply – at the expense of the American people, who had to deal with shortages of goods and price spikes,” according to U.S. authorities.
The collusion between these companies artificially inflated prices, which had a ripple effect on American businesses and consumers, U.S. authorities estimated.
One of the accused, Vick Ma from Singamas Container Holdings Ltd, was arrested in France and an extradition process is underway. The other six are still at large.
The allegations against Singamas, China International Marine Containers (Group) Co, Shanghai Universal Logistics Equipment Co, and CXIC Group Containers Co occurred between November 2019 and January 2024, according to the U.S. Department of Justice.
President Trump recently concluded a summit with Chinese President Xi Jinping, where the two leaders discussed trade, Taiwan, and Iran.
