Singapore funding agency Temasek Holdings has lowered compensation for the execs liable for the agency’s funding into the now-defunct crypto alternate FTX. 

Temasek was as soon as the second-largest exterior investor of FTX, with 7 million shares, according to Forbes. The agency nevertheless was compelled to reply for its funding play after the alternate collapsed.

In accordance with a Might 29 report from Bloomberg, Temasek has now concluded its inside overview of the $275 million funding loss incurred from FTX, which it initiated shortly after the alternate collapsed in November 2022.

Whereas the findings revealed that there was “no misconduct” internally, it was reported that each its funding group and senior administration took “collective accountability,” and had their compensation lowered.

The $275 million FTX funding which is now written off, was mentioned to be 0.09% of Temasek portfolio worth of greater than $293 billion, on the time of collapse.

Temasek has stood by its claims that it performed an in depth due diligence process into FTX earlier than making its funding.

In a seperate Might 29 Bloomberg statement, Temasek’s chairman, Lim Boon Heng, mentioned that “there was fraudulent conduct deliberately hidden from buyers, together with Temasek,” suggesting that it has had a serious affect on the agency:

“We’re disillusioned with the end result of our funding, and the unfavourable affect on our status.”

Singapore’s Deputy Prime Minister Lawrence Wong beforehand reiterated similar words at a parliament assembly in November 2022, simply days after FTX collapsed.

“What occurred with FTX, due to this fact, has brought about not solely monetary loss to Temasek but additionally reputational injury” Wong mentioned.

Associated: FTX founder Sam Bankman-Fried urges court to dismiss charges

Temasek said that when it performed its due diligence, it reviewed FTX’s monetary statements, assessed regulatory dangers with crypto market monetary service suppliers, and sought authorized recommendation over 9 months from Feb. to Oct 2021.

It was added that the agency additionally engaged with folks with firsthand information of FTX, together with workers, different buyers, and trade members.

In newer information, Temasek denied rumours that it had invested $10 million into Array, the developer of the algorithmic forex system primarily based on good contracts and synthetic intelligence.

In a brief assertion on Might 2, the agency addressed the circulating information articles and tweets relating to Temasek’s funding, dismissing them by stating “this information is wrong.”

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