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

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Singapore state investor Temasek Holdings (TEM.UL) 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.

their investment to zero after FTX, founded by Sam Bankman Fried, filed for bankruptcy protection in the U.S. last year.

"With FTX, as alleged by prosecutors and as admitted by key executives at FTX and its affiliates, there was fraudulent conduct intentionally hidden from investors, including Temasek," Lim said in the statement on Monday. "Nevertheless, we are disappointed with the outcome of our investment, and the negative impact on our reputation."

Temasek seeks to deliver sustainable returns over the long term by investing into early-stage companies, Lim said. "While there are inherent risks whenever we invest, we believe that we have to invest in new sectors and emerging technologies to understand how these areas may impact the business and financial models of our existing portfolio, and whether they would be drivers of future value in an ever changing world," Lim added.

Reporting by Urvi Dugar in Bengaluru and Yantoultra Ngui in Singapore; Editing by Himani Sarkar and Lincoln Feast.Yantoultra Ngui is a Southeast Asia Deals Correspondent with Reuters in Singapore, covering M&A and capital market deals in a region that is fast emerging as a hot destination for startup investors, unicorns and IPOs. He previously was a reporter at Bloomberg and The Wall Street Journal.

 

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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.
ソース: Reuters - 🏆 2. / 97 続きを読む »

Singapore's Temasek cuts compensation for staff responsible for FTX investmentThe move comes around six months after Temasek initiated an internal review of its investment in FTX, which resulted in a writedown of $275 million.
ソース: CNBC - 🏆 12. / 72 続きを読む »