SINGAPORE — 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.
Temasek had said its cost of investment in FTX was 0.09 per cent of its net portfolio value of US$304 billion as of March 31, 2022, and that it currently had no direct exposure to cryptocurrencies. FTX's other backers such as SoftBank Group Corp's Vision Fund and Sequoia Capital had also marked down their investment to zero after FTX, founded by Sam Bankman Fried, filed for bankruptcy protection in the United States last year.
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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.
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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
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