Temasek has cut the pay of staff who got them involved with FTX.
The investment fund - which is owned by the Singapore state - issued a clampdown on those “ultimately responsible” for their decision to put some of their funds into Sam Bankman-Fried’s cryptocurrency, which US financial authorities have dubbed one of the greatest frauds in the nation’s history.
They said in a statement: "The investment team and senior management, who are ultimately responsible for the investment decisions made, took collective accountability and had their compensation reduced.”
The sovereign wealth fund expressed how they were "disappointed with the outcome of our investment, and the negative impact on our reputation."
No word was given about how much was deducted from salaries but it put $275 million into FTX in various funding rounds between October 2021 and January 2022 after eight months of evaluating the fund, which included an audit "which showed it to be profitable."
In March 2023, the Temasek was valued at more than $298 billion so the cash injection represents a small percentage of their investment portfolio.
Sam - who denies all federal charges of fraud - is currently out on bail under house arrest at his parents’ New York home
Just days before his arrest late last year, he told BBC News: "I didn't knowingly commit fraud. I don't think I committed fraud. I didn't want any of this to happen. I was certainly not nearly as competent as I thought I was."
