14-11-2022, 08:52 PM
14-11-2022, 08:53 PM
Dear President Halimah,
It is distressing to read of Temasek's failed investment in FTX. I read that Temasek participated in all 3 rounds of FTX's fundraising.
Should Singapore's SWFs (including Temasek) invest in companies/funds with "highly speculative nature of the business model and the underlying assets" which a "major financial institution" wisely avoided*?.
Was full and proper Due Diligence done?
As President, I understand you have oversight to protect Singapore's reserves, so I hope you will investigate (hopefully before your current term ends next year) how Temasek managed to lose so much of our hard-earned reserves (in hundreds of millions of S$ as reported?).
Although FTX is a done deal and probably to be fully written off, I hope something can be done to prevent such risky and highly speculative investments by our SWFs involving Singapore's reserves in the future.
Thank you for protecting Singapore's reserves.
It is distressing to read of Temasek's failed investment in FTX. I read that Temasek participated in all 3 rounds of FTX's fundraising.
Should Singapore's SWFs (including Temasek) invest in companies/funds with "highly speculative nature of the business model and the underlying assets" which a "major financial institution" wisely avoided*?.
Was full and proper Due Diligence done?
As President, I understand you have oversight to protect Singapore's reserves, so I hope you will investigate (hopefully before your current term ends next year) how Temasek managed to lose so much of our hard-earned reserves (in hundreds of millions of S$ as reported?).
Although FTX is a done deal and probably to be fully written off, I hope something can be done to prevent such risky and highly speculative investments by our SWFs involving Singapore's reserves in the future.
Thank you for protecting Singapore's reserves.