Previously, the deputy prime minister at #Singapore's #government-owned #investment firm #Temasek admitted that their investment in #FTX caused “reputational damage” for the firm.

“With a long term stance, and all the pros and cons that come with that stance, #Temasek is not fazed by the twiddles and sentiments of the #market.”

She went on to state, “And #Temasek can #afford to be contrarian bcos it has its own balance sheet and can think long term.”

Mdm Ho noted that some of #Temasek’s best #investments were made by being contrarian, although she did not name examples of such investments

“I am glad that #Temasek has made a clear decision to write down this #investment to #zero. This helps clear the head on what to do as a next step, without being blinkered by wishful thinking.”

Ho Ching: Temasek can afford to be contrarian On 26 Nov 2022, Mdm #Ho Ching, wife of #PM Lee, broke her silence over #Temasek’s involvement with #FTX

#Temasek was later forced to write down US$275 million of investment in #FTX

Ray only took one week to discover the various problems in #FTX when #Temasek’s team could not in eight months.

When FTX went bankrupt, #Temasek quickly issued a statement blaming #FTX #CEO Sam #Bankman-Fried instead,

It was reported that #Temasek took eight months, from February to October 2021, to do its “thorough due #diligence” before investing in #FTX.

In the case of #Temasek Holdings, which was one of the avid investors backing Sam #Bankman-Fried’s #FTX

#Temasek said to have taken eight months to do due #diligence

US regulator questions #VCs’ due diligence work prior to investing in #FTX; Ho Ching says #Temasek can afford to be contrarian