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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

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The cost of Temasek’s investment in FTX was 0.09 per cent of its net portfolio value of S$403 billion as of March 31, said Temasek in a statement on its website on November 17. Photo: Reuters
The millions of losses that Temasek Holdings made from investing in cryptocurrency firm FTX is an “egg on (the) face”, but Singapore’s state investment firm “is not fazed by the twiddles and sentiments of the market”, said Ho Ching, who chairs the board of its philanthropic arm Temasek Trust.
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In a November 26 Facebook post, Ho described Temasek’s full write down of its US$275 million investment in FTX as one borne of a clear decision, but that was still a painful loss to bear.
“A loss in what may turn out to be a badly managed company without adult supervision is egg on our face,” said the former Temasek Holdings chief executive officer and wife of Prime Minister Lee Hsien Loong.
The millions of losses that Temasek made from investing in FTX is an “egg on (the) face”, but Singapore ’s state investment firm “is not fazed by the twiddles and sentiments of the market”, said Ho Ching, who chairs the board of its philanthropic arm Temasek Trust. Photo: AFP
The millions of losses that Temasek made from investing in FTX is an “egg on (the) face”, but Singapore ’s state investment firm “is not fazed by the twiddles and sentiments of the market”, said Ho Ching, who chairs the board of its philanthropic arm Temasek Trust. Photo: AFP

“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.

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Following the firm’s move, Temasek said it would write down its investments in the company.

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