It was earlier reported that the co-founder of cryptocurrency company Amber Group, Tiantian Kullander, was found dead in his sleep last month (23 Nov 2022), 9 months after Singapore’s Temasek Holdings invested in it.
Mr Kullander was only 30 years old. Details surrounding Kullander’s deatteh were unavailable except that he died in his sleep.
In February this year, Temasek was among the investors in a funding round that valued the cryptocurrency-trading and lending platform Amber at US$3 billion.
A total of US$200 million was raised. Amber was very keen to take up Temasek’s investment. It even extended its funding round, originally announced in June last year, to this year specifically to bring Temasek on board as an investor.
早前有报道称，加密货币公司 Amber Group 的联合创始人 Tiantian Kullander 于上个月（2022 年 11 月 23 日）被发现在睡梦中身亡，此时已是新加坡淡马锡控股投资该公司的 9 个月后。 Zǎo qián yǒu bàodào chēng, jiāmì huòbì gōngsī Amber Group de liánhé chuàngshǐ rén Tiantian Kullander yú shàng gè yuè (2022 nián 11 yuè 23 rì) pī fà xiàn zài shuìmèng zhōng shēnwáng, cǐ shí yǐ shì xīnjiāpō dànmǎxī kònggǔ tóuzī gāi gōngsī de 9 gè yuè hòu.
库兰德先生只有 30 岁。 除了库兰德死于睡梦之外，无法获得有关库兰德死亡的详细信息。 Kù lán dé xiānshēng zhǐyǒu 30 suì. Chúle kù lán dé sǐ yú shuìmèng zhī wài, wúfǎ huòdé yǒuguān kù lán dé sǐwáng de xiángxì xìnxī.
今年 2 月，淡马锡是一轮融资的投资者之一，该轮融资对加密货币交易和借贷平台 Amber 的估值为 30 亿美元。 Jīnnián 2 yuè, dànmǎxī shì yī lún róngzī de tóuzī zhě zhī yī, gāi lún róngzī duì jiāmì huòbì jiāoyì hé jièdài píngtái Amber de gū zhí wèi 30 yì měiyuán.
共筹集了2亿美元。 Amber 非常热衷于接受淡马锡的投资。 它甚至将最初于去年 6 月宣布的融资轮次延长至今年，专门邀请淡马锡作为投资者加入。 Gòng chóujíle 2 yì měiyuán. Amber fēicháng rèzhōng yú jiēshòu dànmǎxī de tóuzī. Tā shènzhì jiāng zuìchū yú qùnián 6 yuè xuānbù de róngzī lún cì yáncháng zhì jīnnián, zhuānmén yāoqǐng dànmǎxī zuòwéi tóuzī zhě jiārù.
“They (Temasek) are very strategic, so we made this special effort to bring them in,” a company spokesperson said.
“他们（淡马锡）非常有战略眼光，所以我们特别努力让他们进来，”一位公司发言人说。 “Tāmen (dànmǎxī) fēicháng yǒu zhànlüè yǎnguāng, suǒyǐ wǒmen tèbié nǔlì ràng tāmen jìnlái,” yī wèi gōngsī fāyán rén shuō.
More Activity Of Investing By Temasek Over The Past Years
Temasek has been actively dabbling in crypto investments lately.
Mr Anthony Lewis, Director of Crypto & blockchain venture building & investing in Temasek, said at a forum on 19 July this year that it has invested directly into “single names”.
“So the ones that we’ve disclosed FTX and FTX US and Immutable from Australia, Consensus and Amber. So we continue to invest in single names, we continue to invest in funds through the cycle,” said Mr Lewis, who has been with Temasek since March 2020.
He added, “In fact, there’s never been more activity. We are pretty active now. The team is scaled up. We have the investing team. We also work with other teams in the organisation.”
This was just before Temasek wrote down US$275 million on 17 November due to a bad investment in the now-defunct cryptocurrency exchange FTX.
When FTX went bankrupt, Temasek blamed misplaced belief in the FTX founder for its failed investment.
Later, Madam Ho Ching, wife of Singapore’s Prime Minister Lee Hsien Loong, broke her silence over the US$275 write-off saying, “And Temasek can afford to be contrarian because it has its own balance sheet and can think long term.”
Social media vibes surrounding the controversy of Temasek’s bad investment in FTX would later force Deputy Prime Minister Lawrence Wong to announce in Parliament that Temasek has initiated an internal review over the FTX fiasco.
However, it would be conducted by Temasek’s own staff on the decision to invest in FTX.
过去几年淡马锡的投资活动更多 Guòqù jǐ nián dànmǎxī de tóuzī huódòng gèng duō
淡马锡最近一直积极涉足加密投资。 dànmǎxī zuìjìn yīzhí jījí shèzú jiāmì tóuzī.
淡马锡加密货币和区块链风险建设与投资总监 Anthony Lewis 先生在今年 7 月 19 日的一个论坛上表示，它直接投资于“单一名称”。 Dànmǎxī jiāmì huòbì hé qū kuài liàn fēngxiǎn jiànshè yǔ tóuzī zǒngjiān Anthony Lewis xiānshēng zài jīnnián 7 yuè 19 rì de yīgè lùntán shàng biǎoshì, tā zhíjiē tóuzī yú “dānyī míngchēng”.
“因此，我们已经披露了来自澳大利亚的 FTX 和 FTX US 以及 Immutable、Consensus 和 Amber。 因此，我们继续投资于单一名称，我们继续通过周期投资于基金，”刘易斯先生说，他自 2020 年 3 月以来一直在淡马锡工作。 “Yīncǐ, wǒmen yǐjīng pīlùle láizì àodàlìyǎ de FTX hé FTX US yǐjí Immutable,Consensus hé Amber. Yīncǐ, wǒmen jìxù tóuzī yú dānyī míngchēng, wǒmen jìxù tōngguò zhōuqí tóuzī yú jījīn,” liúyìsī xiānshēng shuō, tā zì 2020 nián 3 yuè yǐlái yīzhí zài dànmǎxī gōngzuò.
他补充说：“事实上，从未有过更多的活动。 我们现在很活跃。 团队规模扩大。 我们有投资团队。 我们还与组织中的其他团队合作。” Tā bǔchōng shuō:“Shìshí shàng, cóng wèi yǒuguò gèng duō de huódòng. Wǒmen xiànzài hěn huóyuè. Tuánduì guīmó kuòdà. Wǒmen yǒu tóuzī tuánduì. Wǒmen hái yǔ zǔzhī zhōng de qítā tuánduì hézuò.”
就在淡马锡于 11 月 17 日减记 2.75 亿美元之前，原因是对现已倒闭的加密货币交易所 FTX 的投资不当。 Jiù zài dànmǎxī yú 11 yuè 17 rì jiǎn jì 2.75 Yì měiyuán zhīqián, yuányīn shì duì xiàn yǐ dǎobì de jiāmì huòbì jiāoyì suǒ FTX de tóuzī bùdāng.
当 FTX 破产时，淡马锡将投资失败归咎于对 FTX 创始人的错误信任。 Dāng FTX pòchǎn shí, dànmǎxī jiāng tóuzī shībài guījiù yú duì FTX chuàngshǐ rén de cuòwù xìnrèn.
后来，新加坡总理李显龙的夫人何晶女士就 275 美元的注销打破了沉默，她说：“淡马锡可以逆势而行，因为它有自己的资产负债表，并且可以长远考虑。” Hòulái, xīnjiāpō zǒnglǐ lǐxiǎnlóng de fūrén hé jīng nǚshì jiù 275 měiyuán de zhùxiāo dǎpòle chénmò, tā shuō:“Dànmǎxī kěyǐ nì shì ér xíng, yīnwèi tā yǒu zìjǐ de zīchǎn fùzhài biǎo, bìngqiě kěyǐ chángyuǎn kǎolǜ.”
围绕淡马锡对 FTX 不良投资争议的社交媒体氛围后来迫使副总理黄循财在议会宣布淡马锡已对 FTX 惨败进行内部审查。 Wéirào dànmǎxī duì FTX bùliáng tóuzī zhēngyì de shèjiāo méitǐ fēnwéi hòulái pòshǐ fù zǒnglǐ huángxúncái zài yìhuì xuānbù dànmǎxī yǐ duì FTX cǎnbài jìnxíng nèibù shěnchá.
然而，这将由淡马锡自己的员工根据投资 FTX 的决定进行。 Rán'ér, zhè jiāngyóu dànmǎxī zìjǐ de yuángōng gēnjù tóuzī FTX de juédìng jìnxíng.
Amber Group Denies Going Under Bankruptcy
Following the fall of FTX, Bloomberg reported on Friday (9 Dec 2022) that Amber is cutting hundreds of jobs, scrapping retail operations and terminating a sponsorship deal with Chelsea Football Club. The company said it was part of a “major cost-cutting” strategy.
The moves by Amber are just the latest indication of the diminished outlook for virtual crypto assets following the spectacular fall of FTX.
A source told Bloomberg that with its exit from the retail sector, the customer numbers in Amber would fall from the hundreds of thousands to about 100, as it will be focusing only on institutional customers.
In recent days, however, Amber has been busy rebutting online speculation that it may be the next to fall after a series of blow-ups in the crypto sector, which is reeling from a US$2 trillion rout. Publicly, the company said that it is conducting “business as usual”.
South China Morning Post (SCMP) also reported that Amber’s employees in Shenzhen have been unable to collect their severance after being laid off last month, about the time of Kullander’s death.
When some of them attempted to inquire about their compensation on WeChat, their messages either went unanswered or resulted in them being blocked by human resources and CEO Michael Wu, who is another co-founder of the company. SCMP reported that some of the disgruntled Chinese staff have called the police.
The company’s troubles came to light in the days after the sudden demise of Kullander.
Soon, rumors of Amber also going under came after Web3 analysis provider Lookonchain reported earlier this week that there had been recent large transfers from Amber to outside accounts and that the group had assets of just US$9.46 million, based on a review of public blockchain records.
Lookonchain alleged that there were significant discrepancies between wallets owned by Amber and the reported funds and trading volumes.
When Financial Times (FT) approached Amber’s managing partner, Annabelle Huang, who is based in Singapore, about the allegations by Lookonchain, Ms Huang said much of its business took place in private. Still, FT did confirm that Amber had been an active trader on FTX and had experienced delays in getting its withdrawals processed. But Ms Huang said less than 10 percent of its trading capital was stuck on FTX.
Nevertheless, crypto-focused hedge fund managers said they believed Amber took a significant hit from the collapse of FTX and popular crypto token Luna this year. “We all know that Amber got burnt pretty hard especially on FTX,” one manager told FT. Amber has previously co-invested in crypto companies alongside Alameda Research, the fund linked to FTX.
Prior to these recent troubles, Amber was looking rosy to investors. CEO Michael Wu even told everyone last Sep that the company was going public this year or next year.
But with the recent troubles encountered by Amber and together with the sudden unexplained death of co-founder Kullander, the possibility of going public appears remote.
琥珀集团否认破产 Hǔpò jítuán fǒurèn pòchǎn
FTX 垮台后，彭博社周五（2022 年 12 月 9 日）报道称，Amber 正在裁员数百人，取消零售业务并终止与切尔西足球俱乐部的赞助协议。 该公司表示，这是“重大成本削减”战略的一部分。 FTX kuǎtái hòu, péngbóshè zhōu wǔ (2022 nián 12 yuè 9 rì) bàodào chēng,Amber zhèngzài cáiyuán shù bǎi rén, qǔxiāo língshòu yèwù bìng zhōngzhǐ yǔ qiè'ěrxī zúqiú jùlèbù de zànzhù xiéyì. Gāi gōngsī biǎoshì, zhè shì “zhòngdà chéngběn xuējiǎn” zhànlüè de yībùfèn.
Amber 的举动只是 FTX 暴跌后虚拟加密资产前景黯淡的最新迹象。 Amber de jǔdòng zhǐshì FTX bàodié hòu xūnǐ jiāmì zīchǎn qiánjǐng àndàn de zuìxīn jīxiàng.
一位消息人士告诉彭博社，随着退出零售业，Amber 的客户数量将从数十万下降到大约 100，因为它将只关注机构客户。 Yī wèi xiāoxī rénshì gàosù péngbóshè, suízhe tuìchū língshòu yè,Amber de kèhù shùliàng jiāng cóng shù shí wàn xiàjiàng dào dàyuē 100, yīnwèi tā jiāng zhǐ guānzhù jīgòu kèhù.
然而，最近几天，Amber 一直在忙于反驳网上的猜测，即在加密行业经历了一系列的崩溃之后，它可能是下一个下跌的人，而加密行业正从 2 万亿美元的暴跌中解脱出来。 该公司在公开场合表示，它正在“照常营业”。 Rán'ér, zuìjìn jǐ tiān,Amber yīzhí zài mángyú fǎnbó wǎngshàng de cāicè, jí zài jiāmì hángyè jīnglìle yī xìliè de bēngkuì zhīhòu, tā kěnéng shì xià yīgè xiàdié de rén, ér jiāmì hángyè zhèng cóng 2 wàn yì měiyuán de bàodié zhōng jiětuō chūlái. Gāi gōngsī zài gōngkāi chǎnghé biǎoshì, tā zhèngzài “zhàocháng yíngyè”.
《南华早报》还报道称，Amber 在深圳的员工在上个月被解雇后一直无法领取遣散费，大约是库兰德去世的时间。“ Nánhuá zǎobào” huán bàodào chēng,Amber zài shēnzhèn de yuángōng zài shàng gè yuè bèi jiěgù hòu yīzhí wúfǎ lǐngqǔ qiǎnsàn fèi, dàyuē shì kù lán dé qùshì de shíjiān.
当他们中的一些人试图在微信上询问他们的薪酬时，他们的消息要么没有得到答复，要么导致他们被人力资源部和公司另一位联合创始人 Michael Wu 阻止。 《南华早报》报道称，一些心怀不满的中国员工已报警。 Dāng tāmen zhōng de yīxiē rén shìtú zài wēixìn shàng xúnwèn tāmen de xīnchóu shí, tāmen de xiāoxī yàome méiyǒu dédào dáfù, yàome dǎozhì tāmen bèi rénlì zīyuán bù hé gōngsī lìng yī wèi liánhé chuàngshǐ rén Michael Wu zǔzhǐ. “Nánhuá zǎobào” bàodào chēng, yīxiē xīnhuái bùmǎn de zhōngguó yuángōng yǐ bàojǐng.
在 Kullander 突然去世后的几天里，公司的麻烦曝光了。 Zài Kullander túrán qùshì hòu de jǐ tiān lǐ, gōngsī de máfan pùguāngle.
很快，在 Web3 分析提供商 Lookonchain 本周早些时候报道称，根据对公共区块链记录的审查，最近有大量资金从 Amber 转移到外部账户，并且该集团的资产仅为 946 万美元，随后 Amber 的传闻也随之而来 . Hěn kuài, zài Web3 fēnxī tígōng shāng Lookonchain běn zhōu zǎo xiē shíhòu bàodào chēng, gēnjù duì gōnggòng qū kuài liàn jìlù de shěnchá, zuìjìn yǒu dàliàng zījīn cóng Amber zhuǎnyí dào wàibù zhànghù, bìngqiě gāi jítuán de zīchǎn jǐn wèi 946 wàn měiyuán, suíhòu Amber de chuánwén yě suí zhī ér lái.
Lookonchain 声称 Amber 拥有的钱包与报告的资金和交易量之间存在重大差异。 Lookonchain shēngchēng Amber yǒngyǒu de qiánbāo yǔ bàogào de zījīn hé jiāoyì liàng zhī jiān cúnzài zhòngdà chāyì.
当金融时报 (FT) 就 Lookonchain 的指控与 Amber 的管理合伙人、常驻新加坡的 Annabelle Huang 接洽时，黄女士表示其大部分业务都是私下进行的。 尽管如此，英国《金融时报》确实证实了 Amber 一直是 FTX 的活跃交易者，并且在处理提款方面遇到了延迟。 但黄女士表示，其交易资金中只有不到 10% 停留在 FTX 上。 Dāng jīnróng shíbào (FT) jiù Lookonchain de zhǐkòng yǔ Amber de guǎnlǐ héhuǒ rén, cháng zhù xīnjiāpō de Annabelle Huang jiēqià shí, huáng nǚshì biǎoshì qí dà bùfèn yèwù dōu shì sīxià jìnxíng de. Jǐnguǎn rúcǐ, yīngguó “jīnróng shíbào” quèshí zhèngshíle Amber yīzhí shì FTX de huóyuè jiāoyì zhě, bìngqiě zài chǔlǐ tí kuǎn fāngmiàn yù dàole yánchí. Dàn huáng nǚshì biǎoshì, qí jiāoyì zījīn zhōng zhǐyǒu bù dào 10% tíngliú zài FTX shàng.
尽管如此，专注于加密货币的对冲基金经理表示，他们认为 Amber 今年因 FTX 和流行的加密货币代币 Luna 的崩溃而受到重大打击。 “我们都知道 Amber 被烧得很厉害，尤其是在 FTX 上，”一位经理告诉英国《金融时报》。 Amber 此前曾与与 FTX 相关的基金 Alameda Research 共同投资过加密货币公司。 Jǐnguǎn rúcǐ, zhuānzhù yú jiāmì huòbì de duìchōng jījīn jīnglǐ biǎoshì, tāmen rènwéi Amber jīnnián yīn FTX hé liúxíng de jiāmì huòbì dài bì Luna de bēngkuì ér shòudào zhòngdà dǎjí. “Wǒmen dōu zhīdào Amber bèi shāo dé hěn lìhài, yóuqí shì zài FTX shàng,” yī wèi jīnglǐ gàosù yīngguó “jīnróng shíbào”. Amber cǐqián céng yǔ yǔ FTX xiāngguān de jījīn Alameda Research gòngtóng tóuzīguò jiāmì huòbì gōngsī.
在最近出现这些麻烦之前，Amber 对投资者来说看起来很乐观。 CEO Michael Wu甚至在去年9月就告诉大家，公司今年或明年上市。 Zài zuìjìn chūxiàn zhèxiē máfan zhīqián,Amber duì tóuzī zhě lái shuō kàn qǐlái hěn lèguān. CEO Michael Wu shènzhì zài qùnián 9 yuè jiù gàosù dàjiā, gōngsī jīnnián huò míngnián shàngshì.
但随着 Amber 最近遭遇的麻烦，再加上联合创始人 Kullander 的突然不明死亡，上市的可能性似乎很小。 Dàn suízhe Amber zuìjìn zāoyù de máfan, zài jiā shàng liánhé chuàngshǐ rén Kullander dì túrán bùmíng sǐwáng, shàngshì de kěnéng xìng sìhū hěn xiǎo.
‘Misplaced Belief’
Temasek reportedly took eight months, from February to October 2021, to do its thorough due diligence before investing in FTX.
When FTX went bankrupt last month, Temasek quickly issued a statement blaming FTX CEO Sam Bankman-Fried, “It is apparent from this investment that perhaps our belief in the actions, judgment and leadership of Sam Bankman-Fried, formed from our interactions with him and views expressed in our discussions with others, would appear to have been misplaced.”
In a filing to Delaware bankruptcy court, John J. Ray III, the new FTX CEO who replaced Bankman-Fried, issued a scathing assessment of “unprecedented” poor management practices by his predecessor and listed a series of questionable and fraudulent financial activities in his filing.
Prior to the collapse of FTX, Bankman-Fried snapped up 19 properties worth US$121M before his crypto empire fell, including a US$16M vacation home for his Stanford University law professor parents.
Ray only took one week to discover the various problems in FTX when Temasek’s team could not in eight months. It’s not known if Fichtner or Sipahimalani was involved in the due diligence process before investing in FTX.
Temasek’s General Counsel Misplaces Her Belief In Nickel Trading
This is not the first time that people from Temasek have “misplaced” their beliefs in various investments. In March this year, businessman Ng Yu Zhi, accused of cheating investors in a US$1.1 billion nickel trading fraud, was slapped with fresh charges, bringing the total number to more than 100.
Ng, who is the director of Envy Asset Management (EAM) and Envy Global Trading (EGT), promised varying returns averaging 15 per cent over three months to investors, some of whom were high-profile individuals. These investors, greedy of the high returns, believed in Ng and gave him large sums of money to trade in nickel.
Between October 2017 and February 2021, Ng’s two companies raised at least US$1 billion for the purported sale and purchase of nickel, which allegedly did not take place. Instead, he allegedly splurged the monies on himself, transferring millions into his own pocket instead, buying luxury cars, insurance policies, properties and shares while other funds were sent to foreign bank accounts. He was said to have led a lavish lifestyle.
One of those high-profile individuals allegedly invested in Ng’s nickel trading scheme is Ms Pek Siok Lan, the general counsel for Temasek. She was allegedly conned into investing S$5.5 million to Envy Global Trading for four receivables purchase agreements between October 2020 and January 2021.
“错位的信仰”
据报道，从 2021 年 2 月到 2021 年 10 月，淡马锡花了八个月的时间在投资 FTX 之前进行彻底的尽职调查。
当 FTX 上个月破产时，淡马锡迅速发表声明指责 FTX 首席执行官 Sam Bankman-Fried，“从这项投资中可以明显看出，我们对 Sam Bankman-Fried 的行为、判断和领导力的信任可能是从我们与他的互动中形成的 以及我们与其他人讨论时表达的观点，似乎是错误的。”
在提交给特拉华州破产法庭的一份文件中，取代 Bankman-Fried 的 FTX 新任首席执行官约翰·J·雷三世 (John J. Ray III) 对其前任“前所未有”的管理不善行为发表了严厉的评估，并在他的财务报告中列出了一系列可疑和欺诈性的金融活动 备案。
在 FTX 崩溃之前，Bankman-Fried 在他的加密货币帝国垮台之前抢购了价值 1.21 亿美元的 19 处房产，其中包括为他的斯坦福大学法学教授父母提供的价值 1600 万美元的度假屋。
Ray 只用了一周的时间就发现了 FTX 的各种问题，而淡马锡的团队在八个月内发现不了。 目前尚不清楚 Fichtner 或 Sipahimalani 在投资 FTX 之前是否参与了尽职调查过程。
淡马锡总法律顾问错误地相信镍交易
这不是淡马锡人第一次在各种投资中“错位”自己的信念。 今年 3 月，商人 Ng Yu Zhi 被指控在 11 亿美元的镍交易欺诈案中欺骗投资者，受到新的指控，使总数超过 100 人。
Ng 是 Envy Asset Management (EAM) 和 Envy Global Trading (EGT) 的董事，他承诺在三个月内向投资者提供平均 15% 的不同回报，其中一些是知名人士。 这些贪图高回报的投资者相信了吴，并给了他大笔资金，让他进行镍交易。
2017 年 10 月至 2021 年 2 月期间，Ng 的两家公司筹集了至少 10 亿美元用于据称买卖镍，但据称并未发生。 相反，据称他将钱挥霍在自己身上，将数百万美元转移到自己的口袋里，购买豪华汽车、保险单、房产和股票，而其他资金则转到外国银行账户。 据说他过着奢侈的生活。
据称投资于吴的镍交易计划的知名人士之一是淡马锡的总法律顾问 Pek Siok Lan 女士。 据称，在 2020 年 10 月至 2021 年 1 月期间，她被骗向 Envy Global Trading 投资 550 万新元，以获得四份应收账款购买协议。
FTX not the first time Singapore's Temasek people have ‘misplaced belief’ in investments FTX并非新加坡淡马锡人第一次对投资产生“错位的信念” FTX bìngfēi xīnjiāpō dànmǎxī rén dì yī cì duì tóuzī chǎnshēng “cuòwèi de xìnniàn”
It was earlier reported that Martin Fichtner, Managing Director and Deputy Head of Technology & Consumer at Temasek was quite bullish in his outlook when asked about Temasek Holdings’ view about the impact on the valuation of crypto companies like FTX during the present market downturn. He was speaking to reporters at a Temasek’s media conference in July this year.
Replying to the journalists, Fichtner said, “We feel strongly about the companies in our portfolio performing well over time and we’ll see cycles in terms of multiples go up and down as the cycles occur.”
Fichtner’s statement came just 4 months before the FTX crashed spectacularly resulting in the company filing for bankruptcy last month.
The Chief Investment Officer of Temasek is Rohit Sipahimalani. According to his LinkedIn profile, Sipahimalani graduated with B.A. in Economics at St. Stephen’s College based in Delhi. He later obtained an MBA from the Indian Institute of Management in Ahmedabad of India.
早些时候有报道称，当被问及淡马锡控股对当前市场低迷期间 FTX 等加密货币公司估值影响的看法时，淡马锡董事总经理兼技术与消费者副主管 Martin Fichtner 对他的前景相当乐观。 今年 7 月，他在淡马锡的媒体会议上对记者发表讲话。
Fichtner 在回答记者时说：“我们强烈认为我们投资组合中的公司随着时间的推移表现良好，我们将看到随着周期的发生，倍数的周期会上下波动。”
Fichtner 的声明是在 FTX 大跌导致该公司上个月申请破产的 4 个月前发表的。
淡马锡的首席投资官是 Rohit Sipahimalani。 根据他的 LinkedIn 个人资料，Sipahimalani 毕业于 B.A. 在位于德里的圣斯蒂芬学院获得经济学博士学位。 后来，他在印度艾哈迈达巴德的印度管理学院获得了 MBA 学位。
Leong Mun Wai hopes that Temasek will publicly release internal review report on its FTX investment 梁文伟希望淡马锡公开对FTX投资的内部审查报告 Liángwénwěi xīwàng dànmǎxī gōngkāi duì FTX tóuzī de nèibù shěnchá bàogào
SINGAPORE — Non-constituency Member of Parliament, Mr Leong Mun Wai hopes that Temasek Holdings will publicly release its internal review report once it is completed, especially the recommendations and specific lessons learnt from its failed FTX investment.
On Wednesday (30 Nov), Deputy Prime Minister and Finance Minister Lawrence Wong responded to questions filed by Members of Parliament over Temasek’s write-down of its US$275 million investment in bankrupted cryptocurrency exchange FTX and the possible audits on Singapore’s two sovereign wealth funds, Temasek and GIC.
Mr Wong shared that an internal review will be conducted by a team within Temasek led by people separate from the investment team that made the decision to invest in FTX and is intended “to study and improve its processes, and to draw lessons for the future”.
Penning his thoughts via a Facebook post on Friday (2 Dec), Mr Leong from Progress Singapore Party (PSP) wrote that he had earlier noticed that the questions in relation to the FTX saga were placed towards the end of the Order Paper on 28 November.
新加坡——国会非选区议员梁文伟先生希望淡马锡控股在完成内部审查报告后公开发布其内部审查报告，特别是从 FTX 投资失败中吸取的建议和具体教训。
周三（11 月 30 日），副总理兼财政部长黄循财回应了国会议员就淡马锡减记其对破产加密货币交易所 FTX 的 2.75 亿美元投资以及可能对新加坡两个主权财富基金进行审计提出的问题， 淡马锡和 GIC。
黄先生分享说，内部审查将由淡马锡内部的一个团队进行，该团队由独立于决定投资 FTX 的投资团队的人员领导，旨在“研究和改进其流程，并为未来吸取教训” .
来自新加坡进步党 (PSP) 的 Leong 先生周五（12 月 2 日）通过 Facebook 帖子发表了他的想法，他写道，他早些时候注意到与 FTX 事件有关的问题是在 11 月 28 日的订单文件末尾提出的 .
.“For an issue that is of great concern to many Singaporeans, I was concerned that MPs would have to settle for a written answer instead of being able to question the Government orally”
This is why he stood to raise a “point of order” at the start of the Parliamentary sitting on 28 November to clarify on why the questions were placed at the end.
The Speaker of Parliament said this was done in consultation with the Leader of the House, Indranee Rajah and those who wish to have their oral questions answered orally, may shift their questions to Wednesday (30 Nov).
“对于许多新加坡人非常关心的问题，我担心国会议员不得不接受书面答复，而不是能够口头质询政府”
这就是为什么他坚持在 11 月 28 日议会会议开始时提出“程序问题”，以澄清为什么将问题放在最后。
议会议长表示，这是在与众议院领袖英兰妮拉惹协商后完成的，那些希望口头回答口头问题的人，可以将他们的问题转移到周三（11 月 30 日）。
Mr Leong said that many Singaporeans will be disappointed that the 45 minutes of Question Time was insufficient to address issues that they would like answers for and that it is meant for asking questions, and not a forum for debate.
Further noting that parliamentarians are also “restricted” to asking two supplementary questions, and usually do not get a chance to ask further follow-up questions.
“If we wanted a full debate, the issue must be raised in another motion, possibly after Temasek has completed and released its internal review,” said Mr Leong.
“The admission by DPM Lawrence Wong that Temasek had suffered reputational damage in addition to financial damage from having to write down US$275 million, barely a year after investment raised many questions about the investment process.”
“We hope that the report on Temasek’s internal review will tell us how Temasek intends to avoid such future lapses to allay the concerns of Singaporeans.”
Mr Leong had asked Mr Wong on 30 November if that review will be made available in a future session in Parliament.
In response, Mr Wong said:
“So as a matter of practice, GIC and Temasek, in fact, do not put out any information on specific individual investments. But in this case, precisely because of the unique of the circumstances leading up to it, because from Temask’s point of view, it recognized that it has incurred reputational damage.”
“Temasek decided to put out a statement disclosing the circumstances leading up to its investment decision, why it had done all the due diligence and despite the due diligence, found reasons to still proceed with the investment. All of that is on the Temasek website, including a series of FAQs. So all of that is available on the Temasek website.”
梁先生说，许多新加坡人会感到失望，因为 45 分钟的提问时间不足以解决他们想要回答的问题，而且它是用来提问的，而不是辩论的论坛。
进一步指出，议员们也被“限制”提出两个补充问题，而且通常没有机会提出进一步的后续问题。
“如果我们想要进行全面辩论，就必须在另一项动议中提出这个问题，可能是在淡马锡完成并公布其内部审查之后，”梁先生说。
“副总理 Lawrence Wong 承认淡马锡在投资仅一年后不得不减记 2.75 亿美元，除了财务损失外，还遭受了声誉损失，这引发了对投资过程的许多质疑。”
“我们希望淡马锡的内部审查报告能够告诉我们淡马锡打算如何避免未来出现此类失误，以减轻新加坡人的担忧。”
梁先生曾于 11 月 30 日询问黄先生，该审查是否会在未来的议会会议上公布。
对此，黄先生表示：
“因此，根据惯例，GIC 和淡马锡实际上不会发布任何有关具体个人投资的信息。 但在这种情况下，正是由于导致它的情况的独特性，因为从 Temask 的角度来看，它承认它已经招致了声誉损害。”
“淡马锡决定发表一份声明，披露导致其做出投资决定的情况，为什么进行了所有尽职调查，尽管进行了尽职调查，但仍找到了继续进行投资的理由。 所有这些都在淡马锡网站上，包括一系列常见问题解答。 所以所有这些都可以在淡马锡网站上找到。”
Possible Errors By Temasek
Mr Leong who is a former investment officer at GIC suggested that the investment team for FTX at Temasek might have erred in two major areas in evaluating venture investments – “key man risk” and “balance sheet risk”.
He pointed to Temasek having admitted to wrong judgement in the key man risk, in its statement released on 17 November, “It is apparent from this investment that perhaps our belief in the actions, judgement and leadership of Sam Bankman-Fried, formed from our interactions with him and views expressed in our discussions with others, would appear to have been misplaced.”
In that same statement, Mr Leong noted that Temasek was less explicit in admitting to the oversight of the balance sheet risk.
However, if “the thesis for our (Temasek’s) investment in FTX was to invest in a leading digital asset exchange providing us with protocol agnostic and market neutral exposure to crypto markets with a fee income model and no trading or balance sheet risk”, it may have committed a professional lapse in evaluating potential balance sheet risks by missing out on the relationship between FTX and Alameda Research.
“Having said that, making correct investment decisions is a fine art and mistakes happen often. We should not be overly hard on our sovereign fund managers. Instead, we should challenge them to learn from their mistakes and do an even better job for us in the future.”
Mr Leong suggests that Temasek Chairman Lim Boon Heng and CEO Dilhan Pillay Sandrasegara should note that Singaporeans are increasingly asking for more transparency and accountability in the management of Singapore’s trillion-dollar reserves, of which Temasek’s portfolio is a part of.
“Singaporeans’ awareness of the reserves has heightened in recent months, following the discourse on the reserves and the accounting of land sales.”
Temasek’s Investment Into Bankrupted Cryptocurrency Exchange
Temasek issued a statement on 17 November to announce that it will be writing down its US$275 million into the cryptocurrency exchange FTX in light of FTX’s bankruptcy filing.
The SWF noted that the thesis for its investment in FTX was to invest in a leading digital asset exchange providing it with protocol agnostic and market neutral exposure to crypto markets with a fee income model and no trading or balance sheet risk.
In regards to its due diligence prior to the investment into FTX, Temasek said it had reviewed FTX’s audited financial statement in a process which took approximately 8 months from February to October 2021, which showed it to be profitable.
It added that its due diligence efforts were focused on the associated regulatory risk with crypto financial market service providers, particularly licensing and regulatory compliance (i.e. financial regulations, licensing, anti-money laundering (AML)/ Know Your Customer (KYC), sanctions) and cybersecurity.
“We recognise that while our due diligence processes may mitigate certain risks, it is not practicable to eliminate all risks.” said Temasek.
Temasek defended its investment into FTX by saying, “Our investment discipline, centred around intrinsic value and our risk-return framework, guides our due diligence for new investments and ongoing engagement with our investee companies.”
“We do recognise the inherent risks of investing in early stage companies and take a very measured approach to such investments by applying an illiquidity risk premium on the cost of capital,” it added. “In addition, we also add on a venture risk premium for the early stage they are in.”
However, in light of the new FTX CEO’s findings and assessment of FTX’s former management, many have wondered how Temasek went about its due diligence process before investing US$275 million into the company.
淡马锡可能犯的错误
曾任 GIC 投资官的 Leong 先生表示，淡马锡 FTX 的投资团队在评估风险投资时可能在两个主要领域犯了错误——“关键人物风险”和“资产负债表风险”。
他在 11 月 17 日发布的声明中指出，淡马锡承认对关键人物风险做出了错误判断，“从这项投资中可以明显看出，我们对 Sam Bankman-Fried 的行为、判断和领导力的信念可能源于我们的 与他的互动以及我们在与其他人的讨论中表达的观点，似乎都放错了地方。”
在同一份声明中，梁先生指出，淡马锡在承认监督资产负债表风险方面没有那么明确。
然而，如果“我们（淡马锡）投资 FTX 的主题是投资于领先的数字资产交易所，为我们提供与协议无关和市场中立的加密市场敞口，并采用费用收入模式，并且没有交易或资产负债表风险”，它 可能错过了 FTX 和 Alameda Research 之间的关系，从而在评估潜在资产负债表风险时犯了专业失误。
“话虽如此，做出正确的投资决定是一门艺术，错误时有发生。 我们不应该对我们的主权基金经理过分苛刻。 相反，我们应该挑战他们，让他们从错误中吸取教训，并在未来为我们做得更好。”
梁先生建议淡马锡主席林文兴和首席执行官迪尔瀚皮莱桑德拉塞加拉应该注意到，新加坡人越来越多地要求在管理新加坡数万亿美元的储备方面提高透明度和问责制，淡马锡的投资组合是其中的一部分。
“最近几个月，随着有关储备的讨论和土地销售的核算，新加坡人对储备的认识有所提高。”
淡马锡投资破产的加密货币交易所
淡马锡于 11 月 17 日发表声明，宣布鉴于 FTX 申请破产，它将减记其 2.75 亿美元至加密货币交易所 FTX。
SWF 指出，其投资 FTX 的主题是投资于一家领先的数字资产交易所，为其提供与协议无关和市场中立的加密市场敞口，并采用费用收入模式，并且没有交易或资产负债表风险。
关于投资 FTX 之前的尽职调查，淡马锡表示，从 2021 年 2 月到 2021 年 10 月，它花了大约 8 个月的时间审查了 FTX 的经审计财务报表，这表明它是盈利的。
它补充说，其尽职调查工作的重点是与加密货币金融市场服务提供商相关的监管风险，特别是许可和监管合规性（即金融法规、许可、反洗钱（AML）/了解你的客户（KYC）、制裁） 和网络安全。
“我们认识到，虽然我们的尽职调查过程可能会降低某些风险，但消除所有风险是不切实际的。” 淡马锡说。
淡马锡为其对 FTX 的投资辩护说：“我们的投资纪律以内在价值和我们的风险回报框架为中心，指导我们对新投资进行尽职调查以及与被投资公司的持续合作。”
“我们确实认识到投资早期公司的内在风险，并通过对资本成本应用非流动性风险溢价，对此类投资采取非常慎重的方法，”它补充道。 “此外，我们还为他们所处的早期阶段增加了风险风险溢价。”
然而，鉴于新任 FTX 首席执行官的调查结果和对 FTX 前任管理层的评估，许多人想知道淡马锡在向该公司投资 2.75 亿美元之前如何进行尽职调查。
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