Singapore state investor Temasek Holdings has said that the company had cut the compensation for the team that was responsible for its investment in the bankrupt FTX cryptocurrency exchange company. The senior management has also taken a pay cut.
As per the chairman Lim Boom Heng, the employees took collective responsibility for the investment decision and had their compensation cut.
“Although there was no misconduct by the investment team in reaching their investment recommendation, the investment team and senior management, who are ultimately responsible for investment decisions made, took collective accountability and had their compensation reduced,” Temasek Chairman Lim Boon Heng said in a statement posted on Temasek’s website on Monday.
However, the details of the compensation is yet to be released. This move comes about 6 months after, the investment company initiated an internal review of its investment in FTX. This led to the writedown of $275 million.
As per Temasek, its total investment in FTX is 0.09% of its net portfolio value. The value stands at $403 billion as of 31st March 2022. Other investors of FTX including SoftBank Group Corp's Vision Fund and Sequoia Capital had also brought down their investment to zero after the cryptocurrency exchange company filed for bankruptcy.