Temasek cuts pay of employees responsible for FTX investment
Singapore state-owned investment fund Temasek Holdings said that it has cut the pay of staff responsible for its investment in cryptocurrency exchange FTX, which collapsed last year.
Singapore: Singapore state-owned investment fund Temasek Holdings said that it has cut the pay of staff responsible for its investment in cryptocurrency exchange FTX, which collapsed last year. Last year, the fund wrote off all of the $275 million it invested in FTX, the BBC reported.
Prosecutors have accused FTX's former chief executive Sam Bankman-Fried of orchestrating an "epic" fraud which may cost investors billions of dollars. Bankman-Fried has pleaded not guilty to the charges.
"The investment team and senior management, who are ultimately responsible for the investment decisions made, took collective accountability and had their compensation reduced," Temasek said in a statement on Monday. The sovereign wealth fund also said it was "disappointed with the outcome of our investment, and the negative impact on our reputation", the BBC reported.
