Salary cuts for executives and investment teams in charge of investing in FTX

Temasek Holdings, Singapore’s state-owned investment arm, said it reduced the pay of senior management and the investment team responsible for investing in FTX. Lim Boon Heng, chairman of Temasek, said in a statement following an internal review: “As alleged by prosecutors and admitted by key executives of FTX and its affiliates, FTX engaged in fraudulent conduct and deliberately defrauded Temasek, including Temasek. investors withholding information.” The statement did not detail the amount of the pay cuts.