Singapore's Temasek Holdings said it cut compensation for the team that recommended investing in the now-bankrupt FTX cryptocurrency exchange and for senior management, as they take "collective accountability" for the failed investment.
"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.
FTX, founded by Sam Bankman-Fried, was once one of the most valuable start-ups in the fast-growing digital currency sector globally, reaching a valuation of $32 billion last year after raising $400 million from investors including SoftBank. Temasek also said last year it had conducted "extensive due diligence" on FTX, with its audited financial statement then "showed it to be profitable".FTX's other backers such as SoftBank and Sequoia Capital had also marked down their investment to zero after FTX filed for bankruptcy protection in the United States in November.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore's Temasek cuts pay for staff responsible for FTX investment(Reuters) -Singapore state investor Temasek Holdings said on Monday it had cut compensation for the team and senior management that recommended its investment in the now-bankrupt FTX cryptocurrency exchange. '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.
Source: YahooSG - 🏆 3. / 71 Read more »
Singapore's Temasek cuts pay for staff responsible for FTX investmentSINGAPORE — Singapore state investor Temasek Holdings said on Monday (May 29) it had cut compensation for the team and senior management that recommended its investment in the now-bankrupt FTX cryptocurrency exchange. 'Although there was no misconduct by the investment team in reaching their investment r
Source: TODAYonline - 🏆 1. / 99 Read more »
Singapore's Temasek cuts compensation for staff responsible for FTX investmentSINGAPORE — Singapore state investor Temasek Holdings said on Monday (May 29) 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. The move comes around six months after Temasek initiated an i
Source: TODAYonline - 🏆 1. / 99 Read more »
Temasek cuts staff compensation after failed FTX investmentSINGAPORE — Temasek Holdings said it cut compensation for the team that recommended investing in the now-bankrupt FTX cryptocurrency exchange and for senior management, as they take 'collective accountability' for the failed investment.
Source: TODAYonline - 🏆 1. / 99 Read more »
Temasek cuts compensation of senior management, investment team over failed investment in FTXSINGAPORE: Temasek's investment team and senior management 'took collective accountability and had their compensation reduced' after the firm's failed investment in cryptocurrency company
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »