Temasek is Dissatisfied with Investments in FTX, Says Chairman

• Temasek’s Chairman commented that the corporate is dissatisfied with the result of its funding in FTX.
• Chairman Lim Boon Heng added that the corporate’s dealings with FTX have had a detrimental influence on its repute.
• Temasek lowered compensation for the funding group who had been answerable for the selections on funding in FTX.

Lim Boon Heng, the Chairman of the Singapore-based world funding firm Temasek Holdings commented that the agency is “dissatisfied” with the result of its funding within the beleaguered crypto alternate FTX and its “detrimental influence” on the corporate’s repute.

Based on an announcement launched by Temasek on Could 29, the corporate officers together with the “funding group and senior administration,” who had been answerable for the last word selections on funding, took “collective accountability.” Although there was no misconduct by the funding group of their procedures, the corporate lowered compensation for the group; the report hasn’t revealed the precise quantity of discount.

Temasek additionally declared that the corporate would proceed its enterprise of investments in new corporations, stating:

We consider that now we have to spend money on new sectors and rising applied sciences to grasp how these areas might influence the enterprise and monetary fashions of our current portfolio and whether or not they can be drivers of future worth in an ever-changing world.

The experiences revealed {that a} complete quantity of $275 million was invested in FTX. Temasek invested $210 million initially and later $65 million within the crypto alternate between October 2021 and January 2022, previous to the arrest of FTX co-founder Sam Bankman-Fried.

The same assertion, as opined by Heng, was put ahead by Singapore Deputy Prime Minister Lawrence Wong, throughout a parliament assembly in November 2022, when he commented that the FTX debacle has triggered “reputational injury” for Temasek, along with the monetary losses.

As per current experiences, the whole funding that Temasek has misplaced to FTX constitutes solely 0.09% of the corporate’s portfolio worth which is greater than $293 billion on the time of FTX’s collapse.