1 year ago
Singapore’s Temasek Holdings, 1 of its sovereign wealthiness funds, has pledged to instrumentality “collective accountability” for its failed $275 cardinal concern successful collapsed crypto speech FTX.
In a connection released Monday morning, the money said determination was “fraudulent behaviour intentionally hidden from investors, including Temasek.”
"Although determination was nary misconduct by the concern squad successful reaching their concern recommendation, the concern squad and elder management, who are yet liable for concern decisions made, took corporate accountability and had their compensation reduced," Temasek Chairman Lim Boon Heng said successful a connection posted to its website.
Days aft FTX collapsed successful November, the money said it had written disconnected the entirety of its investment. In November, Temasek said that the $210 cardinal investment, which accounted for 1% of FTX International, and $65 cardinal for 1.5% of FTX.US, represented 0.09% of the firm's nett portfolio worth of $293.5 cardinal (SGD 403 billion) from past year.
At the time, Temasek claimed that it did 8 months of owed diligence connected FTX, reviewing its audited fiscal statements, analyzing regulatory risk, and cyber information threats.
Post-FTX, Temasek said that intends to refine its concern appraisal procedure, particularly for rapidly increasing firms.
Temasek reiterated that it does not program to put successful cryptocurrencies and said it volition beryllium cautious erstwhile considering caller investments successful the blockchain space.
FTX was the lone concern Temasek had successful a crypto exchange.
During the heydays of FTX it was accessible to users based successful Singapore, portion Binance, its main rival, was blocked.
The Monetary Authority of Singapore (MAS) added Binance to the Investor Alert List successful September 2021, yet made nary specified determination connected Binance. MAS aboriginal said this was due to the fact that Binance straight solicited Singaporean customers, and offered trades successful Singapore dollar, which was not the lawsuit for FTX.
Edited by Shaurya Malwa.
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