Singapore's Deputy Prime Minister Lawrence Wong said on Wednesday that Temasek Holdings [RIC:RIC:TEM.UL] has initiated an internal review of its investment in the now-bankrupt FTX crypto exchange, which resulted in a write-down of $275 million.
Wong, who is also finance minister, said the loss did not mean state investor Temasek's governance system was not working and "no amount of due diligence and monitoring can eliminate the risks altogether".
"The fact that other leading global institutional investors like BlackRock and Sequoia Capital also invested in FTX does not mitigate this," said Wong. Temasek has said its cost of investment in FTX was 0.09% of its net portfolio value of S$403 billion as of March 31, 2022, and it currently had no direct exposure in cryptocurrencies.
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