After looking into the $275 million loss from FTX's collapse in November 2022, Temasek found that there was no misconduct, but they still wanted to hold the investment team and senior management accountable by reducing their pay. Temasek used to be the second-largest investor in FTX, owning 7 million shares. However, FTX's collapse raised concerns about Temasek's investment decision. Temasek believes that it's important to invest in new areas and technologies to understand how they might affect their existing investments. The $275 million loss represented only a tiny fraction, 0.09%, of Temasek's overall portfolio, which was valued at more than $293 billion at the time. Temasek says that they did a thorough investigation before investing, including looking at financial records, assessing risks, seeking legal advice, and talking to people who knew about FTX. Temasek's chairman, Lim Boon Heng, said that he was disappointed with the investment outcome and the damage it caused to their reputation. He mentioned that there was fraudulent behavior where important information was intentionally hidden from investors, including Temasek. Singapore's Deputy Prime Minister Lawrence Wong also acknowledged the financial loss and the harm to Temasek's reputation caused by FTX's collapse. In other news, Temasek denied rumors that they had invested $10 million in a company called Array, which is working on a special currency system. They clarified that this information was incorrect. Temasek's experience with the FTX investment reminds us that there are risks involved in investments and they can impact a company's reputation. However, despite this setback, Temasek remains committed to investing in new areas and technologies to adapt to a changing world. They emphasize the importance of doing careful research and talking to experts in the industry before making investment decisions. To sum it up, Temasek's internal review found no wrongdoing in the FTX investment, but they still reduced the pay of the executives involved. This decision shows that Temasek wants to take responsibility and maintain their good reputation and financial stability. Also read- Sei Network Integrates Crypto Bio in Latest Discord UpgradeSingapore's investment firm, Temasek Holdings, has decided to reduce the pay of executives who were responsible for investing in the failed cryptocurrency exchange called FTX.
Temasek Stays Committed to Innovation Despite FTX Setback
