Temasek Chairman Says FTX Funding Is Disappointing

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  • Temasek’s chairman mentioned the corporate was disenchanted with the outcomes of its funding in FTX.
  • Chairman Lim Boon Heng added that the cope with FTX is having a adverse affect on the corporate’s repute.
  • Temasek has decreased the compensation of the funding staff liable for FTX funding selections.

Lim Bun Heng, chairman of Singapore-based international funding agency Temasek Holdings, mentioned he was “disenchanted” by the outcomes of his funding in troubled crypto trade FTX and the “adverse impact” on the corporate’s repute. I do,’ he commented.

Temasek mentioned in a Might 29 assertion that the corporate’s stakeholders, together with the “funding staff and senior administration” who had been liable for making the ultimate funding determination, took “collective accountability”. There was no wrongdoing within the funding staff’s procedures, however the firm decreased the staff’s compensation. The report didn’t disclose the precise quantity of the discount.

Temasek additionally declared that the corporate would proceed its funding enterprise in new firms, stating:

We’re evaluating how these areas might affect the enterprise and monetary fashions of our current portfolio and whether or not they may drive future worth creation in an ever-changing world. We imagine we have to put money into new areas and rising applied sciences to know.

Experiences have revealed {that a} complete of $275 million has been invested in FTX. Temasek initially invested $210 million after which $65 million in cryptocurrency exchanges from October 2021 to January 2022 earlier than the arrest of FTX co-founder Sam Bankman-Fried backside.

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A press release just like Heng’s opinion was additionally submitted by Singapore’s Deputy Prime Minister Lawrence Wong to parliament in November 2022, commenting that the FTX debacle had triggered “reputational harm” to Temasek along with financial losses. . .

In line with current studies, the full funding Temasek has misplaced to FTX is simply 0.09% of the corporate’s portfolio worth, which was greater than $293 billion on the time of FTX’s chapter.

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