Temasek to write down investment in FTX, MPs raise questions

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Temasek to write down investment in FTX, MPs raise questions

The state investment firm said that it would write down its US $275 million investment in FTX irrespective of the outcome of the bankruptcy protection filing of the coin exchange FTX, regardless of the outcome of the next Parliament sitting.

More than 15 questions were raised by Members of Parliament MPs about Temasek's investments and about FTX collapse.

The bill to repeal Section 377 A of the Penal Code, which criminalizes sex between men, as well as the Bill to amend the Constitution to protect the definition of marriage, will be debated by MPs.

MPs from the Opposition Workers Party asked if the government would track the extent of investments by the sovereign wealth fund GIC in Singapore and Temasek.

MP Jamus Lim WP-Sengkang said that similar suggestions have been made to GIC and Temasek in light of the Monetary Authority of Singapore's proposed measures to reduce cryptocurrencies trading risks. He asked if the Finance Ministry tracks the investments of GIC and Temasek.

MP He Ting Ru WP-Sengkang also asked if there are regulations or a governance framework as to the basic level of due diligence by key statutory boards and government companies handling government assets.

MP Leon Perera WP-Sengkang wanted to know if the Government will consider adding Temasek and GIC to the Audit Ambit of the Auditor-General s Office and oversight by the Public Accounts Committee.

He asked if the Government will consider creating a bipartisan standing committee to question Temasek and GIC on their performance, strategies, and risk management approaches on a confidential basis.

The PM Zhulkarnain Abdul Rahim PAP-Chua Chu Kang asked about the impact of FTX collapse and the due diligence or measures taken prior to investments in criptocurrencies trading platforms.

MPs Saktiandi Supaat PAP-Bishan Toa Payoh and Mariam Jaafar PAP-Sembawang both asked about the value of Temasek's investments in FTX and its subsidiaries.

Mr Saktiandi wanted to know if the Government has any data on the exposure of Singapore investors to FTX in terms of the number of investors and the total value of their holdings.

MPs also asked about the impact of the collapse of FTX, in addition to questions about Temasek's investments.