Temasek, which manages nearly $300 billion worth of assets, cut the salary of the staff responsible for the FTX investment, which deteriorated after FTX’s bankruptcy.
According to Temasek’s May 29 statement, an independent team conducted an internal review of the investment and although there were no abuses by the investment team, the team and senior management took collective responsibility and accepted cuts in their salaries. However, no details were given about the amount to be cut.
Temasek: FTX Investment Disappointed
Temasek invested $275 million in FTX and FTX U.S. and cut all investments to zero after Sam Bankman-Fried bankrupted the company. Temasek acquired a 1 percent stake in FTX International and a 1.5 percent stake in FTX U.S. as part of its investments.
Temasek said in a statement last year that he spent about eight months doing a thorough due diligence on FTX and was disappointed with the outcome of his investment. Regarding FTX, the Singapore state-owned investment firm stated that fraudulent behavior was involved.
US federal prosecutors accused Bankman-Fried of using FTX client funds to support Alameda Research. Bankman-Fried has denied all charges and awaits trial in October. If found guilty, Bankman-Fried is likely to spend the rest of his life in prison.
Nishad Singh, Gary Wang and Caroline Ellison of Bankman-Fried’s inner circle have already pleaded guilty and are expected to testify against Bankman-Fried in court.
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