- Temasek’s chairman commented that the corporate was dissatisfied with the outcomes of its funding in FTX.
- Chairman Lim Boon Heng added that the corporate’s relationship with FTX had a unfavourable influence on its fame.
- Temasek lowered the compensation of the funding staff that was chargeable for funding choices in FTX.
Lim Boon Heng, chairman of Singapore-based international funding agency Temasek Holdings, commented that the agency was “dissatisfied” with the efficiency of its funding in cryptocurrency trade FTX and its “unfavourable influence” on the corporate’s fame.
Based on Temasek on Could 29, firm officers, together with the “funding staff and senior administration” who have been chargeable for remaining funding choices, have accepted “collective accountability.” Though there was no wrongdoing by the funding staff, the corporate lowered the staff’s compensation; the report didn’t disclose the precise quantity of the discount.
Temasek additionally introduced that the corporate will proceed to spend money on new companies, stating:
We consider we have to spend money on new sectors and new applied sciences to know how these areas can influence the enterprise and monetary fashions of our current portfolio and whether or not they can be future worth drivers in an ever-changing world.
Experiences revealed {that a} complete of 275 million was invested in FTX. Temasek initially invested $210 million after which $65 million in cryptocurrency trade from 2021. October to 2022 in January, earlier than FTX founder Sam Bankman-Fried was arrested.
The same assertion, in accordance with Heng, was made throughout a parliamentary session in 2022. by Singapore’s Deputy Prime Minister Lawrence Wong in November, commenting that the FTX collapse had precipitated “reputational injury” to Temasek, along with monetary losses. .
Based on latest stories, the overall funding Temasek misplaced in FTX represents solely 0.09% of the corporate’s portfolio worth, which is greater than $293 billion on the time of the FTX collapse.
