SINGAPORE: Temasek’s investment in collapsed cryptocurrency exchange FTX will be discussed at the next Parliament sitting, which starts on Monday (Nov 28).
Earlier this month, the state investment firm said it would write down its US$275 million investment in FTX, irrespective of the outcome of the cryptocurrency exchange’s bankruptcy protection filing.
More than 15 questions were raised by Members of Parliament (MPs) about Temasek’s investments and about FTX’s collapse.
MPs will also debate the Bill to repeal Section 377A of the Penal Code, which criminalises sex between men, as well as the Bill to amend the Constitution to protect the definition of marriage.
MPs from the opposition Workers’ Party asked if the Government tracks the extent of investments by Temasek and Singapore’s sovereign wealth fund GIC.
MP Jamus Lim (WP-Sengkang) said that in light of the Monetary Authority of Singapore’s (MAS) proposed measures to reduce cryptocurrency trading risks, whether similar suggestions have been made to GIC and Temasek. He also asked if the Finance Ministry tracks the investments of GIC and Temasek.
MP He Ting Ru (WP-Sengkang) also asked if there are regulations or a governance framework as to the basic level of due diligence by key statutory boards and government companies handling government assets.
MP Leon Perera (WP-Sengkang) wanted to know if the Government will consider adding Temasek and GIC to the audit ambit of the Auditor-General’s Office and oversight by the Public Accounts Committee.
He also asked if the Government will consider creating a bipartisan standing committee to question Temasek and GIC on their performance, strategies, and risk management approaches, on a confidential basis.
MP Zhulkarnain Abdul Rahim (PAP-Chua Chu Kang) asked about the impact of FTX’s collapse and about the due diligence or measures taken prior to investments in cryptocurrency trading platforms.
MPs Saktiandi Supaat (PAP-Bishan-Toa Payoh) and Mariam Jaafar (PAP-Sembawang) both asked about the value of Temasek’s investments in FTX and its subsidiaries.
Mr Saktiandi wanted to know whether the Government has any data on the exposure of Singapore investors to FTX in terms of the number of investors and the total value of their holdings.
Besides questions about Temasek’s investments, MPs also asked about the impact of the collapse of FTX.