- The firm was forced to take a $275 million write-down on its stake in the exchange.
- Temasek Chairman Lim Boon Heng provided specifics in a statement published.
On Monday, May 29th, Singaporean investment firm Temasek Holdings stated it will reduce pay for the group that had proposed an investment in the defunct FTX cryptocurrency exchange. In the wake of the FTX exchange’s demise in November 2022. Temasek was forced to take a $275 million write-down on its stake in the firm.
A review of the Singaporean government’s involvement in the exchange was released not long after. Temasek Chairman Lim Boon Heng provided specifics in a statement published on the company’s website.
According to the Chairman:
“Although there was no misconduct by the investment team in reaching their investment recommendation, the investment team and senior management, who are ultimately responsible for investment decisions made, took collective accountability and had their compensation reduced”.
Company Lost 0.09% of Its Net Worth
However, the Singaporean investment company has not disclosed how much pay was reduced for the FTX investment’s top executives. Temasek has S$403 billion ($304 billion) in assets under management as of March 31, 2022. That means the company lost 0.09% of its net worth on the investment.
Surprisingly, prior to the crypto exchange’s demise, Temasek claimed to have conducted exhaustive due diligence, with the result that the exchange’s audited financial statement indicated a profit.
However, fresh developments are occurring in the continuing case of Sam Bankman-Fried and his crew. Earlier last month, SBF filed documents in federal court asking judges to dismiss 13 criminal allegations against him.
On the other hand, the new FTX management has been working on plans to reopen the exchange, but they haven’t settled on a specific launch date yet.
