Temasek Holdings cuts staff compensation over 'disappointing' FTX investment
This was after the investment firm conducted an internal review on the matter.
Months after the FTX bankruptcy, Singapore-based investment firm, Temasek revealed that it reduced its pay for the investment team and senior management who were accountable for investing in the cryptocurrency trading.
“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,” read the company statement.
Prior to this declaration, the investment company said its independent team underwent an internal review of the investment and such findings were presented to the board risk and sustainability committee.
It stated that based on the allegations from prosecutors and key executives of FTX, there was fraudulent conduct hidden from investors, which includes Temasek.
Temasek said it was disappointed with the outcome of the investment and the negative effect on its reputation.