Singapore Government Faces Parliament Over FTX Consequences Including $275M Of Temasek
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.
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.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
Coincu News
Author
Market
Singapore Government Faces Parliament Over FTX Consequences Including $275M Of Temasek
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.
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.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
Coincu News
Other Posts
Related Posts
Latest
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts
Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets
Press Release
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets
