The Singapore Business Federation (SBF) has appointed Mark Lee as its new chairman, succeeding Teo Siong Seng. Teo Siong Seng had previously taken a leave of absence from his role following accusations in the United States of involvement in a price-fixing cartel. His term officially ended on Wednesday, paving the way for the leadership change. The accusations against Teo center around alleged anti-competitive practices within the shipping industry. The SBF has not commented directly on the allegations, but the timing of the transition suggests a response to the ongoing situation. Lee’s appointment signals a continuation of the SBF’s work in supporting Singapore’s business community.