Temasek cuts compensation of senior management, investment team over failed investment in FTX

📆 29/05/2023 03:48:00
📰 ChannelNewsAsia

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SINGAPORE: Temasek's investment team and senior management 'took collective accountability and had their compensation reduced' after the firm's failed investment in cryptocurrency company

In an earlier statement published on its website, Temasek said that it invested US$210 million in FTX International for a minority stake of about 1 per cent, and US$65 million for a minority stake of about 1.5 per cent in FTX US.The cost of Temasek's investment in FTX was 0.

09 per cent of its net portfolio value of S$403 billion as of Mar 31, 2022, Temasek said at the time."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.

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