Wong, who can be finance minister, stated the loss didn’t imply state investor Temasek’s governance system was not working and “no amount of due diligence and monitoring can eliminate the risks altogether”.
But Singapore’s leader-in-waiting instructed parliament the loss was “disappointing” and had precipitated reputational harm to Temasek.
“The fact that other leading global institutional investors like BlackRock and Sequoia Capital also invested in FTX does not mitigate this,” stated Wong.
After pumping about $275 million into FTX, Temasek determined to write down down the funding following the spectacular collapse of the trade.
The evaluate can be performed by an impartial inside group reporting on to the board and won’t contain those that made the funding, Wong stated.
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Temasek has stated its price of funding in FTX was 0.09% of its web portfolio worth of S$403 billion ($293.97 billion) as of March 31, 2022, and it presently had no direct publicity in cryptocurrencies.
Explaining its actions, Temasek stated it had performed “extensive due diligence” on FTX from February to October 2021 and its audited monetary assertion then “showed it to be profitable”.
Wong instructed lawmakers the person loss didn’t impression returns to Singapore’s reserves, that are tied to long-term returns.
FTX’s different backers reminiscent of SoftBank Group Corp’s Vision Fund and Sequoia Capital have additionally marked down their funding to zero after FTX, based by Sam Bankman-Fried, filed for chapter safety within the United States this month week within the highest-profile crypto blowup so far.