According to Temasek, despite the absence of any misconduct, both its senior management team and the investment body accepted collective responsibility and accepted a reduction in their compensation.
Executive of Temasek Holdings, a Singaporean investment firm that oversaw the company’s investment ftx His compensation will be cut. As per reports, the firm is the second among the major outside investors in the now-defunct FTX.
The latest update comes after Temasek conducted an internal assessment of its funding six months ago. During this evaluation, the investment company disclosed that certain executives and the senior management team intentionally concealed fraudulent activities that affected both investors and Temasek.
However, the company disclosed this on 29 May Announcement It found no wrongdoing following its investigation, which included reviewing FTX’s financial statements, assessing the many regulatory threats associated with financial service providers in the crypto space, and seeking legal advice.
Additionally, the firm solicited input from those with direct insight into FTX, including its employees, fellow investors and industry participants.
According to Temasek, despite the absence of any misconduct, both its senior management team and the investment body accepted collective responsibility and accepted a reduction in their compensation.
Temasek said last year that it had performed “extensive due diligence” on FTX lasting eight months, and that its audited financials sold it as a profitable venture.
The Singapore-based company is said to have held 7 million shares in FTX before its demise and was forced to provide an explanation as to why its $275 million investment went south.
In November 2022, Temasek revealed that its investment in FTX was 0.09% of its net portfolio value, reaching a level of $293.5 billion (SGD 403 billion) by 2022. Of this, $210 million represented a 1% stake in FTX International. , at the same time held a 1.5% stake in FTX.US for $65 million. However, just days later, the company announced that it had completely written off its investment.
Temasek chairman Lim Boon Heng expressed the firm’s disappointment regarding the outcome of the investment and its adverse impact on their reputation.
Following the collapse of FTX, Temasek announced its intention to reform its investment appraisal process, specifically for fast-growing companies.
Emphasizing its stance, the firm said that it has zero plans to invest money in crypto assets and will remain extremely cautious when assessing new opportunities in the blockchain world. It is worth noting that FTX was Temasek’s only investment in a cryptocurrency company.
“We believe we must invest in new sectors and emerging technologies to understand the necessary impact on the business and financial models of our existing portfolio and whether they will be drivers of future value in an ever-changing world,” the company said.
Bitcoin Crypto Related Post