The move comes around six months after Temasek initiated an internal review of its investment in FTX, which resulted in a writedown of $275 million.
Singapore state investor Temasek Holdings said on Monday it had cut compensation for the team that recommended its investment in the now-bankrupt FTX cryptocurrency exchange, as well as for its senior management team.of its investment in FTX, which resulted in a writedown of $275 million.
"Although there was no misconduct by the investment team in reaching their investment recommendation, the investment team and senior management, who are ultimately responsible for investment decisions made, took collective accountability and had their compensation reduced," Temasek Chairman Lim Boon Heng said in a statement posted on Temasek's website on Monday.Temasek had said its cost of investment in FTX was 0.
Temasek also said last year it had conducted "extensive due diligence" on FTX, with its audited financial statement then "showed it to be profitable."
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore's Temasek cuts pay for staff responsible for FTX investmentSingapore state investor Temasek Holdings (TEM.UL) said on Monday it had cut compensation for the team and senior management that recommended its investment in the now-bankrupt FTX cryptocurrency exchange.
Read more »
FTX 2.0 coming up, Multichain FUD and Worldcoin raises $115M: Hodler’s Digest, May 21-27FTX 2.0 launching soon? Court filing shows a reboot plan in the works as FTX’s revival plans could soon become reality. Read more on this and other headlines from last week in our Hodler's Digest.👇
Read more »
FTX CEO's Legal Billings Continue to Hint at '2.0 Reboot'Signs of a potential FTX 2.0 are emerging as CEO John Ray III has dedicated 6.7 hours to '2.0' related matters. Will the rebooted FTX_Official clear its past hurdles and rise from the ashes?
Read more »
Shaquille O'Neal finally served in FTX lawsuit while covering Heat-Celtics in MiamiAfter trying to hunt him down for months now, a process server finally officially served NBA Hall of Famer and TNT analyst Shaquille O'Neal on Tuesday night.
Read more »
Williams Racing Letting Fans Vote On Gulf Livery To Run At 3 Races This Season | CarscoopsThe Gulf livery will be run at the races in Singapore, Japan, and Qatar car auto cars
Read more »
U.S. Is 'Losing' the Bitcoin Movement: Cathie Wood.ARKInvest's CathieDWood signals alarm over the U.S. losing ground in the bitcoin movement due to regulatory hurdles. She draws attention to the recent financial crises, stating that these instances highlight the risks of centralized financial systems.
Read more »