Singapore-based investment company Temasek has announced that its investment team and senior management experienced a reduction in compensation following the firm’s failed investment in cryptocurrency company FTX. Temasek Chairman Lim Boon Heng stated that despite no misconduct by the investment team, they took collective accountability for the outcome.
In November, Temasek Holdings revealed that it would write down its US$275 million investment in FTX. This decision came after the collapse of FTX, which had been accused of fraudulent conduct that was intentionally hidden from investors, including Temasek.
An independent team conducted an internal review of the investment, presenting its findings to both the Board Risk & Sustainability Committee and the company’s board. The statement from Temasek did not specify the extent of the…
