Temasek Holdings has said it will write down its $275 million (Sh376.8 million) investment in the failed FTX electronic currency firm.
Temasek Holdings has said it will do so regardless of the outcome, as FTX recently filed for bankruptcy.
FTX said it was taking the move considering the company’s financial position.
Temasek Holdings’ investment in FTX accounts for 0.09 percent of its net investment of 403 billion shillings.
Temasek Holdings said the investment in FTX was misconstrued as an investment in electronic currencies. It clarified that it has no direct connection with electronic currencies.
“Based on discussions with FTX CEO Sam Bankman-Fried, our confidence in his leadership and actions is misplaced,” it said.
Mr. Sam Bankman-Fried secretly transferred $10 billion to Alameda Research, the company he owns, according to reports.
Reuters reported that at least $1 billion of that was missing.