Singapore authorities’s Temasek has written down the complete worth of its $275 million funding in the bankrupt crypto alternate FTX. “Our perception in the actions, judgment, and management of Sam Bankman-Fried … would seem to have been misplaced,” Temasek admitted.
Temasek’s Investments in FTX Now Price $0
The Singapore authorities’s Temasek Holdings issued a press release concerning its investments in FTX Thursday after the cryptocurrency alternate filed for chapter.
Temasek is a world funding firm headquartered in Singapore with a portfolio valued at $403 billion Singapore {dollars} (US$294 billion). Temasek was established to personal and handle the belongings beforehand held by the Singapore authorities; the federal government is the only fairness shareholder of Temasek.
The funding agency defined:
We invested US$210 million for a minority stake of ~1% in FTX Worldwide, and invested US$65 million for a minority stake of ~1.5% in FTX US, throughout 2 funding rounds from October 2021 to January 2022. The price of our funding in FTX was 0.09% of our internet portfolio worth of S$403 billion as of 31 March 2022.
“There have been misperceptions that our funding in FTX is an funding into cryptocurrencies. To make clear, we presently haven’t any direct publicity in cryptocurrencies,” the agency emphasised.
Temasek proceeded to elucidate that “Much like all investments, we performed an in depth due diligence course of on FTX, which took roughly eight months from February to October 2021.”
The corporate added: “Experiences have since surfaced that buyer belongings have been mishandled and misused in FTX. If these statements are true, then this quantities to critical misconduct or fraud at FTX. All of that is presently being investigated by the regulators.” Temasek continued:
It’s obvious from this funding that maybe our perception in the actions, judgment and management of Sam Bankman-Fried, fashioned from our interactions with him and views expressed in our discussions with others, would seem to have been misplaced .
Temasek added:
In view of FTX’s monetary place, we’ve determined to put in writing down our full funding in FTX, regardless of the end result of FTX’s chapter safety submitting.
“There are inherent dangers each time we make investments, divest, or maintain our belongings, and wherever we function. Whereas this write down of our funding in FTX won’t have important influence on our total efficiency, we deal with any funding losses significantly and there might be learnings for us from this,” the agency concluded.
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