MPs discuss Temasek’s investment in FTX, repealing S377A and amending constitution to protect definition of marriage

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SINGAPORE: Temasek’s investment in collapsed cryptocurrency exchange FTX will be discussed at the next parliament session, which begins on Monday (Nov. 28).

Earlier this month, the state investment firm said it would write off its US$275 million investment in FTX regardless of the outcome of the cryptocurrency exchange’s bankruptcy protection filing.

More than 15 questions were asked by MPs about Temasek’s investments and about the collapse of FTX.

MPs will also debate the bill to repeal Section 377A of the Penal Code, which criminalizes sex between men, and the bill to amend the constitution to protect the definition of marriage.

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TEMASEK’S INVESTMENTS

MPs from the opposition Workers’ Party asked whether the government keeps track of the scale of investment by Temasek and Singapore’s sovereign wealth fund GIC.

MP Jamus Lim (WP-Sengkang) said that in light of proposed measures by the Monetary Authority of Singapore (MAS) to mitigate the risks of cryptocurrency trading, or similar suggestions have been made to GIC and Temasek. He also asked whether the Treasury Department monitors GIC and Temasek’s investments.

Member of Parliament He Ting Ru (WP-Sengkang) also asked whether there are regulations or a governance framework regarding the basic level of due diligence by key statutory boards and public companies handling government assets.

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Member of Parliament Leon Perera (WP-Sengkang) wanted to know if the government will consider adding Temasek and GIC to the audit room of the Auditor-General’s Office and oversight by the Public Accounts Committee.

He also asked whether the government will consider setting up a bipartisan standing committee to confidentially question Temasek and GIC about their performance, strategies and risk management approaches.

Member of Parliament Zhulkarnain Abdul Rahim (PAP-Chua Chu Kang) asked about the impact of the collapse of FTX and the due diligence or measures taken prior to investing in cryptocurrency trading platforms.

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MPs Saktiandi Supaat (PAP-Bishan-Toa Payoh) and Mariam Jaafar (PAP-Sembawang) both questioned the value of Temasek’s investments in FTX and its subsidiaries.

Mr. Saktiandi wanted to know if the government has data on Singaporean investors’ exposure to FTX in terms of the number of investors and the total value of their holdings.

In addition to questions about Temasek’s investments, MPs also asked questions about the impact of FTX’s collapse.

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