SINGAPORE — 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.
Temasek had said its cost of investment in FTX was 0.09 per cent of its net portfolio value of S$403 billion as of March 31, 2022, and that it currently had no direct exposure in cryptocurrencies.
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