After the collapse of FTX Singapore fund had to write off as a loss invested in the exchange $275 million.
Temasek representatives conducted an internal investigation, but the inspectors did not find any violations in the procedure for selecting the object of investment, so no sanctions against the team of analysts from the fund.
But its participants voluntarily decided to forgo part of the reward.
“Although the investment team made no errors or negligence in making recommendations, senior management and employees, who are ultimately responsible for the decisions made, took collective responsibility and reduced their compensation,” Temasek Chairman Lim Boon Heng explained.
The amounts waived by the analyst team and fund management were not disclosed.
Temasek now has $304 billion in funds under management, so the capital lost in FTX is only 0.09% of the fund’s total portfolio. Temasek does not invest directly in cryptocurrencies.
Lim Boon Heng thinks FTX management pulled off a global fraud scheme.
At the same time, the top manager noted, the Temasek management does not absolve itself of the blame for investing in the stock exchange and the blow to the reputation of the fund.
“There are always inherent risks in investing.
And we believe we need to invest in new sectors of the economy and new technologies to see how these areas can impact the business and financial models of our investment portfolio:
whether they will be drivers of profit and innovation in our ever-changing world,” concluded Temasek’s chairman.
Recall that Temasek’s fund wrote off FTX investment at a loss back in November of last year.