Temasek, Singapore’s government-owned investment firm suffered more than financial losses due to investments in FTX, according to Deputy Prime Minister Lawrence Wong.
Wong, the finance minister, believesTemasek’s $275 million investment in FTX has done great damage to the reputation of the company by himhave saidThis story at a parliamentary session on Nov. 27, according to the South China Morning Post.
Wong stressed that FTX’s downfall was the result of a “very poorly managed company” as well as fraud and misappropriation of user funds.
“What happened to FTX was not only a financial loss for Temasek. it also damages its reputation,” the official said. He added that Temasek will conduct an internal investment review. To improve the process and use it as a lesson for future investments.
Wong stressed that investments by other large institutional investors such as BlackRock and Sequoia Capital did not mitigate such reputational damage.
Temasek said on Nov. 17 that total FTX investments were $275 million, representing only 0.09% of Temasek’s $403 billion portfolio as of March 2022.
Wong also argued that Singapore has no ambition to become a crypto hub, but is trying to be. “Responsible and innovative digital asset players”
He also emphasized that crypto investors must be prepared to lose their money.allof investing in crypto, adding: “There is no regulation that can eliminate this risk.”
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