Singapore Government Faces Parliament Over FTX Consequences Including $275M Of Temasek

November 28, 2022 - Around 2 mins mins to read

The Singapore government faces closer scrutiny over the fallout of Sam Bankman-Fried’s FTX crypto empire. In particular, the state investment fund Temasek Holdings was locked $275 million on the platform.

According to Bloomberg news agency, Singapore Prime Minister Lee Hsien Loong and Singapore Deputy Prime Minister Huang Xuncai will face a large number of questions before parliament this week. Issues related to damage caused by retail investors and due diligence by retail investors and state investment agency Temasek Holdings.

Singapore’s government faces increased scrutiny over the fallout from the collapse of Sam Bankman-Fried’s FTX crypto empire https://t.co/OmeAXYB5XO
— Bloomberg (@business) November 28, 2022

Temasek Holdings Pte, or simply Temasek, is a Singapore state holding company owned by the Government of Singapore. Earlier on November 17, Temasek announced that it had recorded its entire $275 million investment in FTX and had no direct exposure to the cryptocurrency.

Ho Ching, former chief executive of Temasek, in a weekend Facebook post said “a loss in what may turn out to be a badly managed company without adult supervision is egg on our face”. She defended Temasek’s wider strategy, saying “some of Temasek’s best investments were made by being contrarian”

An explanation page on Temasek’s website has been updated to say that after several rounds of due diligence on FTX, Temasek “inquired about the relationship between Alameda and FTX, preferential treatment and segregation, with explicit confirmation force the contract.”

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