Skip to main content

Temasek slashes compensation for execs responsible for its $275M FTX investment

While “no misconduct” was determined by Temasek’s internal review, staff involved with the FTX investment will see a dent in their pay package.

Singapore investment firm Temasek Holdings has reduced compensation for the execs responsible for the firm’s investment into the now-defunct crypto exchange FTX. 

Temasek was once the second-largest outside investor of FTX, with 7 million shares, according to Forbes. The firm however was forced to answer for its investment play after the exchange collapsed.

According to a May 29 report from Bloomberg, Temasek has now concluded its internal review of the $275 million investment loss incurred from FTX, which it initiated shortly after the exchange collapsed in November 2022.

While the findings revealed that there was “no misconduct” internally, it was reported that both its investment team and senior management took “collective accountability,” and had their compensation reduced.

The $275 million FTX investment which is now written off, was said to be 0.09% of Temasek portfolio value of more than $293 billion, at the time of collapse.

Temasek has stood by its claims that it conducted an extensive due diligence process into FTX before making its investment.

In a seperate May 29 Bloomberg statement, Temasek’s chairman, Lim Boon Heng, said that “there was fraudulent conduct intentionally hidden from investors, including Temasek,” suggesting that it has had a major impact on the firm:

“We are disappointed with the outcome of our investment, and the negative impact on our reputation.”

Singapore’s Deputy Prime Minister Lawrence Wong previously reiterated similar words at a parliament meeting in November 2022, just days after FTX collapsed.

“What happened with FTX, therefore, has caused not only financial loss to Temasek but also reputational damage” Wong said.

Related: FTX founder Sam Bankman-Fried urges court to dismiss charges

Temasek stated that when it conducted its due diligence, it reviewed FTX’s financial statements, assessed regulatory risks with crypto market financial service providers, and sought legal advice over nine months from Feb. to Oct 2021.

It was added that the firm also engaged with people with firsthand knowledge of FTX, including employees, other investors, and industry participants.

In more recent news, Temasek denied rumours that it had invested $10 million into Array, the developer of the algorithmic currency system based on smart contracts and artificial intelligence.

In a short statement on May 2, the firm addressed the circulating news articles and tweets regarding Temasek’s investment, dismissing them by stating “this news is incorrect.”

Magazine: FTX 2.0 coming up, Multichain FUD and Worldcoin raises $115M: Hodler’s Digest, May 21-27



from https://ift.tt/Au0Fgdw
https://ift.tt/nPRKqIp
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

Meta's head of crypto to step down at end of year

In explaining his decision to leave Meta, David Marcus said that his entrepreneurial DNA had been nudging him “for too many mornings in a row to continue ignoring.” David Marcus, the head of Meta’s cryptocurrency and fintech unit Novi, will step down from his role by the end of 2021. Taking over from Marcus will be Stephane Kasriel, the former CEO of Upwork who has been at Meta, formerly known as Facebook, since August 2020. Marcus announced the decision via a Dec. 1 tweet , noting that he had made the “difficult decision” to leave the firm by the end of this year. The exec didn’t go into detail about what his next move would be, but hinted that it may be something “new and exciting” that he builds himself: “While there’s still so much to do right on the heels of launching Novi — and I remain as passionate as ever about the need for change in our payments and financial systems — my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it.” Ma...
Post a Comment
Read more