Temasek Takes Action Against Execs Who Made An Investment Into FTX
Temasek, the worldwide investment platform that has its headquarters established in Singapore, has seen a strict development recently. The platform has taken serious action against its executives for their alleged actions. The company has penalized its team as well as the top management at the back of its investment of $275 that was allocated for the now-bankrupt crypto exchange platform FTX.
Singaporean Investment Platform Targets Employees for Investment in FTX
The move to invest an enormous amount in the now-defunct crypto exchange paved the way for a great loss in terms of reputation. The respective development additionally led to a decrease in the team members’ salaries, as mentioned in the statement made by the platform.
The latest development come after an autonomous internal review conducted by an external party. The outside party’s findings were put in front of the sustainability board of the city.
Though the review discovered no misconduct to be credited to the team participants, the decision taken by the platform to penalize its executives can be seen as an endeavor to escape criticism.
The responsible people have additionally acknowledged collective accountability in the case of the investment of up to $210M into the notorious crypto exchange. The investment was made for a nearly 1% stake in the crypto platform, according to Temasek.
An additional investment of approximately $85M was allocated for the US-based subsidiary of the crypto exchange back in 2021’s October through to 2022’s January.
After the collapse of the crypto exchange company, in November last year, Temasek instantly wrote down the entirety of its investments into the crypto exchange. The top platform is categorized among a couple of autonomous wealth funds that are owned by the Singaporean government.
The platform is responsible for managing a portfolio containing a worth of nearly $403B (almost $297.8B) as of 2022’s March, chiefly in Singaporean jurisdiction and within the Asian zone. Temasek witnessed disappointment due to the investment in FTX. The platform pointed toward the alleged fraudulent activity of FTX in its statement.
The Platform Expresses Disappointment over the Results of Its Investment
It added that the respective activity was intentionally kept concealed from its investors. In this respect, the authorities in Singapore tried to assert that it did not have any involvement in the operations carried out by FTX. The fund mentioned that it faced disappointment from the result of the investment. As the firm pointed out, its reputation was negatively impacted.
Following the huge collapse of FTX, Sam Bankman-Fried (the chief executive officer of the crypto exchange FTX,) as well as the rest of the executives were accused of several illegitimate activities.
The allegations raised against them take into account diverting a huge amount of cryptocurrency to the crypto exchange’s trading unit called Alameda Research. The respective move allegedly led to the subsequent loss of funds via high-risk bets.
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