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Temasek Cuts Salary of Staff Responsible For Its Failed FTX Investment - Slashdo...
source link: https://slashdot.org/story/23/05/29/1328254/temasek-cuts-salary-of-staff-responsible-for-its-failed-ftx-investment
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Temasek Cuts Salary of Staff Responsible For Its Failed FTX Investment
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Temasek, a Singaporean sovereign wealth fund that manages assets worth around $300 billion, has cut the pay of staff involved in its FTX investment that soured after the crypto exchange collapsed. From a report: An independent team conducted an internal review of the investment and found that although there was no misconduct by its investment team, the team and senior management "took collective accountability and had their compensation reduced," Temasek said Monday. It did not detail the amount of compensation cut. Temasek had invested $275 million in FTX and FTX U.S. and wrote off all of its investments to zero after Sam Bankman-Fried's crypto group filed for bankruptcy in November. Temasek had taken a 1% stake in FTX International and a 1.5% stake in FTX U.S. as part of its investments.
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