FTX collapse puts Singapore's government in the parliamentary hot seat
Opposition MPs have questioned the credibility of his failure to protect retail investors from the FTX meltdown and demanded data on the extent of losses incurred by investors.
The collapse of now bankrupt cryptocurrency exchange FTX has put Singapore's Prime Minister and the ruling government in the hot seat. Prime Minister Lee Hsien Loong and Deputy Prime Minister Lawrence Wong are expected to face burning questions about their failure to protect retail investors.
Members of Parliament (MPs) from the opposition Workers' Party have raised 15 questions about the Temasek investment and the collapse of FTX. MPs questioned the government's credibility in tracking the extent of investments by Temasek and Singapore's sovereign wealth fund GIC.
Discussions around government policies while investing in digital assets will be further explored in a parliamentary discussion on November 28, a Singaporean daily reported. Opposition MPs have recommended that a bipartisan committee question Temasek about his investment strategies and risk management approaches.
Singaporean state-backed investor Temasek was one of 69 investors to invest in crypto exchange FTX's $420 million funding round in October 2021. The company had invested $210 million in the global stock exchange for a 1% minority stake and an additional $65 million. in its sister company FTX.US. However, the state-backed investor wrote down its entire $275 million investment in the crypto exchange "regardless of the outcome of FTX's bankruptcy protection filing".
Related: The FTX Contagion: Which Companies Were Affected by the FTX Collapse?
Temasek also revealed that despite eight months of due diligence in 2021, he has not
Opposition MPs have questioned the credibility of his failure to protect retail investors from the FTX meltdown and demanded data on the extent of losses incurred by investors.
The collapse of now bankrupt cryptocurrency exchange FTX has put Singapore's Prime Minister and the ruling government in the hot seat. Prime Minister Lee Hsien Loong and Deputy Prime Minister Lawrence Wong are expected to face burning questions about their failure to protect retail investors.
Members of Parliament (MPs) from the opposition Workers' Party have raised 15 questions about the Temasek investment and the collapse of FTX. MPs questioned the government's credibility in tracking the extent of investments by Temasek and Singapore's sovereign wealth fund GIC.
Discussions around government policies while investing in digital assets will be further explored in a parliamentary discussion on November 28, a Singaporean daily reported. Opposition MPs have recommended that a bipartisan committee question Temasek about his investment strategies and risk management approaches.
Singaporean state-backed investor Temasek was one of 69 investors to invest in crypto exchange FTX's $420 million funding round in October 2021. The company had invested $210 million in the global stock exchange for a 1% minority stake and an additional $65 million. in its sister company FTX.US. However, the state-backed investor wrote down its entire $275 million investment in the crypto exchange "regardless of the outcome of FTX's bankruptcy protection filing".
Related: The FTX Contagion: Which Companies Were Affected by the FTX Collapse?
Temasek also revealed that despite eight months of due diligence in 2021, he has not
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