Singapore’s Temasek cuts pay for staff responsible for FTX investment By Reuters

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By Urvi Manoj Dugar and Yantoultra Ngui

(Reuters) -Singapore state investor Temasek Holdings mentioned on Monday it had reduce compensation for the group and senior administration that really helpful its funding within the now-bankrupt FTX cryptocurrency change.

“Though there was no misconduct by the funding group in reaching their funding suggestion, the funding group and senior administration, who’re finally chargeable for funding selections made, took collective accountability and had their compensation decreased,” Temasek Chairman Lim Boon Heng mentioned in an announcement posted on Temasek’s web site on Monday.

It didn’t element the quantity of compensation reduce.

The transfer comes round six months after Temasek initiated an inner evaluation of its funding in FTX, which resulted in a writedown of $275 million.

Temasek had mentioned its price of funding in FTX was 0.09% of its internet portfolio worth of S$403 billion ($304 billion) as of March 31, 2022, and that it presently had no direct publicity in cryptocurrencies.

Temasek additionally mentioned final 12 months it had carried out “intensive due diligence” on FTX, with its audited monetary assertion then “confirmed it to be worthwhile”.

FTX’s different backers corresponding to SoftBank Group Corp’s Imaginative and prescient Fund and Sequoia Capital had additionally marked down their funding to zero after FTX, based by Sam Bankman Fried, filed for chapter safety in america final 12 months.

“With FTX, as alleged by prosecutors and as admitted by key executives at FTX and its associates, there was fraudulent conduct deliberately hidden from buyers, together with Temasek,” Lim mentioned within the assertion on Monday. “Nonetheless, we’re disillusioned with the end result of our funding, and the destructive influence on our popularity.”

($1 = 1.3245 Singapore {dollars})

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