Temasek cuts staff pay after failed FTX crypto funding

Singapore-based investment firm Temasek has introduced that its funding group and senior management experienced a discount in compensation following the firm’s failed investment in cryptocurrency firm FTX. Temasek Chairman Lim Boon Heng stated that despite no misconduct by the investment team, they took collective accountability for the end result.
In November, Temasek Holdings revealed that it would write down its US$275 million funding in FTX. This determination came after the collapse of FTX, which had been accused of fraudulent conduct that was deliberately hidden from buyers, including Temasek.
An impartial group performed an inside review of the investment, presenting its findings to both the Board Risk & Sustainability Committee and the company’s board. The statement from Temasek did not specify the extent of the compensation cuts or the variety of staff affected by the choice.
Temasek had invested a total of US$210 million in FTX International for a minority stake of round 1%, and US$65 million for a minority stake of roughly 1.5% in FTX US. Premiere spanned two funding rounds from October 2021 to January this year.
Lim Boon Heng emphasised that Temasek aims to ship sustainable returns over the lengthy run, acknowledging the inherent risks involved in investing. He defined that the corporate invests in new sectors and rising technologies to know their potential impact on present portfolio businesses and whether or not they might drive future value in a constantly altering world, reports Channel News Asia..

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