SINGAPORE, May 23 -- Veteran shipping executive Teo Siong Seng has taken a leave of absence from his roles at the Singapore Business Federation (SBF), the Singapore Economic Resilience Taskforce (SERT) and Enterprise Singapore, as he moves to address criminal charges filed against him by the US Department of Justice (DOJ).

The Ministry of Trade and Industry (MTI) said Teo informed the ministry of his decision, citing the need to "focus his attention" on responding to the indictment. MTI declined further comment, noting that legal proceedings in the US are ongoing.

SBF confirmed the move, adding that vice-chairman and honorary treasurer Mark Lee will assume Teo's duties as chairman. The federation said its operations and initiatives will...