Singapore state investor Temasek Holdings said on Monday it had cut compensation for the team that recommended its investment in the now-bankrupt FTX cryptocurrency exchange, as well as for its senior management team.of its investment in FTX, which resulted in a writedown of $275 million.
"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," Temasek Chairman Lim Boon Heng said in a statement posted on Temasek's website on Monday.Temasek had said its cost of investment in FTX was 0.
Temasek also said last year it had conducted "extensive due diligence" on FTX, with its audited financial statement then "showed it to be profitable."
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Reuters - 🏆 2. / 97 Read more »