SINGAPORE: Temasek’s investment team and senior management “took collective accountability and had their compensation reduced” after the firm’s failed investment in cryptocurrency company FTX, chairman Lim Boon Heng said on Monday (May 29).
“With FTX, as alleged by prosecutors and as admitted by key executives at FTX and its affiliates, there was fraudulent conduct intentionally hidden from investors, including Temasek,” Mr Lim said in his statement
“Nevertheless, we are disappointed with the outcome of our investment, and the negative impact on our reputation,” he added.
An independent team had conducted an internal review of the investment and the findings were presented to Temasek’s Board Risk & Sustainability Committee and to its board.
“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,” said Mr Lim.
Temasek’s statement did not specify the size of the cut in compensation or how many staff were affected.