published on the website of Temasek Holdings on Monday morning , chairman Lim Boon Heng said that compensation had been reduced for the investment team and senior management responsible for the investment decisions made concerning failed cryptocurrency exchange FTX.
FTX, once the third biggest cryptocurrency exchange around the globe, had been worth nearly S$44 billion in January of last year butAccording to a report from Forbes, Temasek, which is owned by the government of Singapore, had a one per cent stake in FTX. By Nov 17, Temasek issued a statement saying it would be writing down its investment in the company worth US$275 million To write down an asset is to reduce its value for tax and accounting purposes, but it still retains some value. It is not the same as writing off an asset, which negates its present and future value.
The note said that an independent team conducted an internal review of the FTX investment and presented the findings to the Board Risk & Sustainability Committee and our Board.
Mr Lim underlined that the company was “disappointed with the outcome of our investment, and the negative impact on our reputation” and noted that there had been “fraudulent conduct intentionally hidden from investors…as alleged by prosecutors and as admitted by key executives at FTX and its affiliates.” /TISG
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Source: YahooSG - 🏆 3. / 71 Read more »
Singapore's Temasek cuts compensation for staff responsible for FTX investmentSINGAPORE — Singapore state investor Temasek Holdings said on Monday (May 29) 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. The move comes around six months after Temasek initiated an i
Source: TODAYonline - 🏆 1. / 99 Read more »
Singapore's Temasek cuts pay for staff responsible for FTX investmentSINGAPORE — Singapore state investor Temasek Holdings said on Monday (May 29) 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 r
Source: TODAYonline - 🏆 1. / 99 Read more »
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
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Temasek cuts staff compensation after failed FTX investmentSINGAPORE — 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.
Source: TODAYonline - 🏆 1. / 99 Read more »
Temasek cuts compensation for staff responsible for FTX investmentSingapore's 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. The cuts were disclosed in a statement on Monday (May 29), a rare announcement for sovereign funds whose investment decisions and compensations are not public knowledge. The move...
Source: asiaonecom - 🏆 10. / 59 Read more »