PANews reported on May 29 that according to Reuters, Singapore's national investment fund Temasek said it had cut the salaries of the team and senior executives who had recommended it to invest in the crypto exchange FTX. Temasek Chairman Lim Boon Heng said on the company's official website on Monday: "While the investment team did not engage in any misconduct in reaching investment recommendations, the investment team and senior management who bear the ultimate responsibility for investment decisions bear collective responsibility. As alleged by prosecutors and acknowledged by key executives of FTX and its affiliates, FTX has deliberately concealed fraud from investors, including Temasek. However, we are disappointed with our investment results and the negative impact on our reputation." However, the statement did not detail the amount of the salary cut.
About six months ago, Temasek conducted an internal review of its investment in FTX, which resulted in a $275 million write-down. Temasek had said that the cost of its investment in FTX was 0.09% of its S$403 billion ($304 billion) net portfolio value as of March 31, 2022, and that it currently has no direct investments in cryptocurrencies.