SINGAPORE: Temasek Holdings on Thursday said that it will write down its US$275 million investment in FTX, irrespective of the outcome of the cryptocurrency exchange's bankruptcy protection filing.
In a statement published on its website, Temasek said that it invested US$210 million in FTX International for a minority stake of about 1 per cent, and US$65 million for a minority stake of about 1.5 per cent in FTX US. This was across two funding rounds from October 2021 to January this year. "In view of FTX's financial position, we have decided to write down our full investment in FTX, irrespective of the outcome of FTX's bankruptcy protection filing," Temasek said in its statement.
"We will continue to remain prudent and exercise caution even as we explore opportunities that are aligned with our structural trends, to deliver sustainable returns over the long term for our overall portfolio."
Saying the amt lost is only 0.09% is like saying we only got hit by a bike and not by a truck! Point is you still got hit! And Temasek held 3 rounds of funding! Did they just screwed up 3 times? Or are they saying every round got due diligence?
😮💨
Job openings at temasek lol
As usual, no accountability, no investigations. Wait for the scapegoats. 🙄🙄🙄
Given the fact that Temasek handles our sovereign fund, should we be given a choice or at least know individually, who is responsible for these investments? I’m quite sure if this occurs in a corporate firm, some heads will roll but in Temasek, all seems gd!
But explained away by the arguments that it was only 0.1% of their portfolio and that they did 8 months of due diligence so pls don’t blame them
What investment? So who is getting fired for this?
Isn't FTX undergoing bankruptcy? Why make the investment
Oops! 'fooled-by_crypto'
Argue so hard in parliament to increase GST by 2% but can so easily write down $1/4 Billion dollars with of tax payers money …. We will remind you of this in next GE
Temasek could have invested in me instead. Call me! 😂🍞
a complete fiasco...the entire population will have to bear for it..
Is this a contribution to Biden Ukraine war effort ?
can temasek write down my housing loan as well? thanks.
temasek what was the level of due diligence that was done for this deal? FTX only had three board members - wasn't that a red flag? Was Alameda and its relationship w FT examined? Anyone going to take responsibility for this? All fair questions from your stakeholders right?
I thought is $1.7 Billion?
SG govt always warn people of crypto trading but it’s own organisation invested in crypto related companies.
The person who approved this investment should be fired. There was clearly a lack of due diligence
Wat a waste......money spent on the poor of the poorest.....is much better than throwing good money away for nothing.....somebody gotta answer for it.
Big problem make it look small. Small problem make it look big. The Art of 'Tai-chi'.
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