Temasek Reduces Pay for Staff Involved in FTX Investment Amid Bankruptcy

Singapore's prominent state investor, Temasek Holdings, announced on Monday that it has implemented pay cuts for the team

Singapore’s prominent state investor, Temasek Holdings, announced on Monday that it has implemented pay cuts for the team and senior management responsible for recommending its investment in the now-bankrupt FTX cryptocurrency exchange. Temasek Chairman Lim Boon Heng clarified that there was no evidence of misconduct by the investment team in their recommendation process. However, as a display of collective accountability, the team has voluntarily accepted compensation reductions. The exact details of the reduction were not disclosed in the statement posted on Temasek’s official website.

This decision comes approximately six months after Temasek initiated an internal review of its investment in FTX, which ultimately led to a substantial writedown of $275 million. As of March 31, 2022, Temasek stated that its investment cost in FTX accounted for a mere 0.09% of its net portfolio value of S$403 billion ($304 billion). Furthermore, the company clarified that it currently holds no direct exposure to cryptocurrencies.

Temasek emphasized that prior to the investment, extensive due diligence was conducted on FTX, and the audited financial statements at that time showed the exchange to be profitable. However, following FTX’s bankruptcy protection filing in the United States last year, its major backers, including SoftBank Group Corp’s Vision Fund and Sequoia Capital, wrote down their investments to zero. Temasek expressed disappointment with the outcome of their investment and the subsequent impact on their reputation, as they believe fraudulent conduct was intentionally hidden from investors, including Temasek.

Don’t Stop Here

More To Explore

solar eclipse eclipse solar eclipse 2024 solar eclipse 2023 eclipse 2024 eclipse 2023 2023 eclipse 2023 solar eclipse april 8 2024 eclipse 2024 total eclipse 2023 solar eclipses 2024 sun eclipse eclipse april 8 2024 eclipse lunar eclipse eclipse of the sun 2024 eclipse solar eclipse eclipse2023 lunar eclipses solar and eclipse solar eclipse solar eclipse solar solar eclipse solar sun eclipse total eclipse in 2024 total eclipse 2024 total solar eclipse 2024 next solar eclipse total eclipse next eclipse total solar eclipse april 2024 eclipse annular solar eclipse annular eclipse 2023 lunar eclipse 2023 annular eclipse eclipse april 2024 april 2024 solar eclipse solar eclipse april 2024 annular solar eclipse 2023 eclipse today 2023 annular eclipse total eclipse of the sun 2024 sun eclipse 2024 totality eclipse 2024 total eclipse april 2024 8 april 2024 eclipse lunar penumbral eclipse october 2023 eclipse of 2024 eclipse of sun today eclipse penumbral eclipse timer full eclipse of the moon lunar eclipses 2023 next eclipse of the sun solaire eclipse solar eclipse of april 20 2023 solar eclipse of october 14 2023 solar eclipse today solar v lunar eclipse sun eclipse next total solar eclipse in 2024 upcoming sun eclipse sun eclipse next total solar eclipse eclipse 2022 great american eclipse 2024 total solar eclipse 2023 total eclipse 2023 next eclipse 2023 full solar eclipse 2024 full eclipse 2024 upcoming solar eclipse full solar eclipse next total eclipse eclipse april 2023 sun eclipse 2023 iso 12312 2 next eclipse 2024 next full solar eclipse total lunar eclipse april eclipse 2024 next solar eclipse 2023 future solar eclipses eclipse in 2024 solar and lunar eclipse full eclipse 2023 2023 total solar eclipse 1993 eclipse 2017 eclipse 2017 solar eclipse 2017 total solar eclipse 2019 eclipse 2022 solar eclipse 2024 solar eclipse best viewing april 20 eclipse april 8 2024 solar eclipse april 8 2024 total solar eclipse april eclipse 2023 april solar eclipse 2024 eclipse 1994

Experience the Solar Eclipse with The Eclipse App: Your Ultimate Companion

An innovative app, tailored to enhance your observation of the total solar eclipse on April 8, 2024, has risen to prominence on the App Store. Titled simply “The Eclipse App,” it has amassed over 140,000 lifetime downloads on both iOS and Android platforms. This app serves as a comprehensive tool for experiencing the celestial event, providing features such as cloud cover forecasts, precise timing for totality at your specific location, and details on local events, parks, and viewing sites in your vicinity.

Twitter Introduces Payments for Verified Creators' Advertisements in Replies, Elon Musk Announces

Brazil Investigates Elon Musk Over X Dispute

Brazil has launched an investigation into Elon Musk over potential obstruction of justice following X’s reversal of a decision to block certain profiles in the country.