While the findings revealed that there was “no misconduct” internally, it was reported that both its investment team and senior management took “collective accountability,” and had their compensation reduced.

It was noted that while “there are inherent risks” with any investment, it is vital that Temasek continue investing in new innovation:

“We believe that we have to invest in new sectors and emerging technologies to understand how these areas may impact the business and financial models of our existing portfolio and whether they would be drivers of future value in an ever-changing world. “

The $275 million FTX investment that is now written off was said to be just 0.09% of Temasek’s portfolio value of more than $293 billion at the time of the collapse.

Temasek has stood by its claims that it conducted an extensive due diligence process into FTX before making its investment.

Temasek’s chairman, Lim Boon Heng, told Bloomberg in a May 29 statement that “there was fraudulent conduct intentionally hidden from investors, including Temasek,” suggesting that it has had a major impact on the firm:

“We are disappointed with the outcome of our investment, and the negative impact on our reputation.”

Singapore Deputy Prime Minister Lawrence Wong previously reiterated similar words at a parliament meeting in November 2022, just days after FTX collapsed.

“What happened with FTX, therefore, has caused not only financial loss to Temasek but also reputational damage” Wong said.

Related: FTX founder Sam Bankman-Fried urges court to dismiss charges

Temasek stated that when it conducted its due diligence, it reviewed FTX’s financial statements, assessed regulatory risks with crypto market financial service providers, and sought legal advice over the nine months from February to October 2021.

It was added that the firm also engaged with people with firsthand knowledge of FTX, including employees, other investors, and industry participants.