Singapore's Temasek Holdings has cut the pay of staff responsible for its investment in the now-bankrupt cryptocurrency exchange FTX.
The sovereign wealth fund said in a statement on Monday that the cuts were made in "collective accountability" for the failed investment.
Temasek invested $275 million in FTX in November 2021. The company filed for bankruptcy in February 2023.
The statement said that there was no misconduct by the investment team in reaching their investment recommendation. However, the team and senior management "who are ultimately responsible for investment decisions made, had their compensation reduced."
The amount of the pay cuts was not disclosed.
Temasek said it was "disappointed" with the outcome of the investment and the "negative impact on our reputation."
The fund said it had learned from the experience and would strengthen its due diligence process for future investments.
Temasek's investment in FTX was one of the largest investments in the cryptocurrency industry. The failure of FTX has raised questions about the risks of investing in cryptocurrencies.
The fund's decision to cut pay is a sign that it is taking the failed investment seriously. It is also a reminder that even the most experienced investors can make mistakes.
About Temasek
Temasek Holdings is a global investment company headquartered in Singapore. It was founded in 1974 by the Government of Singapore to manage the country's foreign reserves. Temasek has a portfolio of over 300 companies in over 40 countries. Its investments span a wide range of industries, including financial services, telecommunications, media, technology, real estate, and manufacturing.
Temasek is one of the largest sovereign wealth funds in the world. Its assets under management were $403 billion as of March 2022. The fund has a long-term investment horizon and aims to generate sustainable returns for its shareholders.
Temasek is known for its active investment approach. It works closely with its portfolio companies to help them grow and succeed. The fund also has a strong focus on sustainability and responsible investing.
Temasek is a major player in the global economy. Its investments have a significant impact on businesses and communities around the world. The fund is committed to using its influence to promote positive change.
Here are some of Temasek's notable investments:
- Singapore Airlines
- Singapore Telecommunications
- CapitaLand
- Mapletree Investments
- ST Engineering
- DBS Bank
- OCBC Bank
- UOB
- Singtel
- Keppel Corporation
Temasek is a successful investment company with a long track record of generating strong returns. The fund is committed to using its influence to promote positive change in the world.