Temasek of Singapore Examines $275 MNL FTX-Related Loss
Abstract：Temasek had invested around $275 million in FTX, which it has decided to write off after the exchange's spectacular collapse.
Deputy Prime Minister Lawrence Wong of Singapore said on Wednesday that Temasek Holdings [RIC: TEM.UL] has begun an internal assessment of its stake in the now-defunct FTX crypto exchange.
Temasek had invested roughly $275 million in FTX, which it has chosen to write down after the exchange's stunning collapse.
Wong stated in parliament that the result was “disappointing” and had harmed Temasek's image.
“The fact that other renowned global institutional investors such as BlackRock and Sequoia Capital have also invested in FTX does not offset this,” he said.
Wong, who is also the finance minister, said that the loss does not imply that Temasek's governance mechanism is ineffective, and that “no amount of due diligence and monitoring can remove the risks entirely.”
Temasek said that the cost of investing in FTX was 0.09% of its net portfolio value of S$403 billion ($293.97 billion) as of March 31, 2022, and the company presently has no direct exposure to cryptocurrencies.
(1 Singapore dollar = 1.3709 Singapore dollars)
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