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Singapore's Temasek cuts staff compensation over failed FTX bet

State investor takes 'collective accountability' on $275m write down

No details of the amounts of the pay cuts were given by Temasek Holdings.   © Reuters

SINGAPORE -- Singapore's Temasek Holdings on Monday said it reduced the compensation of its investment team and senior management, following the company's failed investment in the now-collapsed FTX cryptocurrency exchange.

The state investor said that while they found "no misconduct by the investment team in reaching their investment recommendation," the decision to cut compensation was made to take "collective accountability," Chairman Lim Boon Heng said in a statement following an internal review.

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