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Singapore's Temasek cuts compensation for staff responsible for FTX investment

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The move comes around six months after Temasek initiated an internal review of its investment in FTX, which resulted in a writedown of $275 million.

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."

 

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Singapore's Temasek cuts pay for staff responsible for FTX investmentSingapore state investor Temasek Holdings (TEM.UL) said on Monday it had cut compensation for the team and senior management that recommended its investment in the now-bankrupt FTX cryptocurrency exchange.
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