FTX collapse has put the Singapore government in a hot seat as state-backed investor Temasek marked down the entire $275M investment in the collapsed crypto exchange.
The collapse of the now-bankrupt cryptocurrency exchange FTX has put the Singapore prime minister and the ruling government in a hot seat. Prime Minister Lee Hsien Loong and Deputy Prime Minister Lawrence Wong are set to face grilling questions for their failure to protect retail investors.
The Members of Parliament from the opposition Workers’ party raised 15 questions about Temasek’s investment and FTX collapse. The MPs questioned the government’s credibility in tracking the extent of investments by Temasek and Singapore’s sovereign wealth fund GIC. The discussions around the government policies while investing in digital assets will be scrutinized further in a parliamentary discussion on Nov. 28,
a Singaporean daily. The opposition MPs have recommended a bipartisan committee to question Temasek on its investment strategies and risk management approaches.
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