Singapore’s finance minister was summoned to parliament in the days following the spectacular collapse of crypto exchange FTX in late 2022.
Facing questions from his fellow MPs, Lawrence Wong — who would go on to become the city-state’s prime minister — was asked why Temasek, Singapore’s state-owned investment manager, had ploughed $275mn into the business just months before it went bust owing $8bn.
“What happened with FTX . . . has not only caused financial loss to Temasek, but also reputational damage,” Wong conceded.
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