Temasek’s loss on FTX an ‘egg on face’, but it is unfazed by ‘twiddles of market’: Singapore’s Ho Ching
- In a Facebook post, Ho described Temasek’s full write-down of its US$275 million investment in FTX as a painful loss to bear
- The cost of state investment firm’s investment in FTX was 0.09 per cent of its net portfolio value of S$403 billion as of March 31
“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,” she wrote on Facebook.
In her post, she shared a post by popular blogger Michael Petraeus, who had said it was unfair of people to blame Temasek, including Ho, for its handling of investments in FTX. Mr Petraeus is a Polish national who comments about Singapore-related issues on his blog, Critical Spectator.
FTX had filed for bankruptcy earlier this month after it struggled to raise billions in funds to stave off a collapse while coming under heightened regulatory scrutiny.
Following the firm’s move, Temasek said it would write down its investments in the company.