Temasek Holdings, a Singaporean investment company, has cut compensation for the executives who oversaw the company’s participation in the now-defunct cryptocurrency exchange FTX.
According to Forbes, Temasek once had 7 million shares, making it the second-largest foreign investor in FTX. However, after the exchange failed, the business was compelled to defend its investing strategy.
Bloomberg reported on May 29 that Temasek has finished its internal investigation into the $275 million investment loss at FTX, which it had started soon after the exchange’s demise in November 2022.
Although the investigation found “no misconduct” within the company, it was stated that the senior management and investment team both accepted “collective accountability” and had their compensation decreased.
The $275 million FTX investment, which has since been written off, was estimated to have represented 0.09% of Temasek’s portfolio value at the time of collapse, which was over $293 billion.
Temasek has stood by its claims that it conducted an extensive due diligence process into FTX before making its investment.