Singapore investment firm Temasek Holdings Pte said it reduced compensation for senior management and the investment team responsible for investing in FTX.

The state-owned investor said that while it found no misconduct by its investment team, it and senior management took “collective accountability” and had their compensation lowered.

An internal review showed that “there was fraudulent conduct intentionally hidden from investors, including Temasek,” Chairman Lim Boon Heng said in a statement Monday following an internal review. “We are disappointed with the outcome of our investment, and the negative impact on our reputation.”

Temasek wrote down its US$275 million investment in FTX last year after the crypto company’s meltdown. At the time, the investor said it conducted an “extensive due diligence process” on FTX and reviewed the company’s audited financial statement, which showed it to be profitable.

  - Bloomberg