Ontario Teachers’ Pension Plan said it will write down its stake in FTX, Sam Bankman\u002DFried’s now\u002Dbankrupt cryptocurrency exchange. Read on
Teachers said the writedown will have only a “limited impact” because it’s less than 0.05 per cent of the $242.5 billion pension fund. “However, we are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach,” it said in a statement Thursday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Ontario Teachers said it worked closely with advisers and FTX to understand commercial, regulatory, tax, financial and technical aspects of the business. The fund had a 0.4 per cent stake in FTX International and 0.5 per cent of FTX.US when Bankman-Fried’s empire collapsed last week and filed for Chapter 11.Article content
FTX’s new chief executive officer, John J. Ray III, laid out a shocking list of allegations in a bankruptcy court filing, including misuse of client funds and non-existent oversight by a leadership team that consisted of “a small group of inexperienced, unsophisticated and potentially compromised individuals.”
It was a “complete failure of corporate controls” accompanied by “a complete absence of trustworthy financial information,” Ray said. “Recent reports suggest potential fraud conducted at FTX which is deeply concerning for all parties,” Teachers said. “We fully support the efforts of regulators and others to review the risks and causes of failure for this business.”
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Ontario Teachers writes off FTX stake, taking $95-million lossOntario Teachers’ Pension Plan said it will write down its stake in FTX, Sam Bankman\u002DFried’s now\u002Dbankrupt cryptocurrency exchange. Read on
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Ontario Teachers writes off FTX stake, citing potential fraud - BNN BloombergOntario Teachers’ Pension Plan said it will write down its stake in FTX to zero, taking a US$95 million loss barely a year after making its first investment in Sam Bankman-Fried’s now-bankrupt cryptocurrency exchange.
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Ontario Teachers’ Pension Plan writes down FTX investment to zero | Globalnews.caThe Ontario Teachers' Pension Plan says it is writing down its US$95-million investment in FTX, the cryptocurrency exchange that collapsed last week, to zero.
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Ontario Teachers' Pension Plan writes down US$95M FTX investment to zeroThe Ontario Teachers’ Pension Plan says it is writing down its US$95-million investment in FTX, the cryptocurrency exchange that collapsed last week, to zero.
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Ontario Teachers' Pension Plan writes down FTX investment to zeroThe Ontario Teachers' Pension Plan says it is writing down its US$95-million investment in FTX, the cryptocurrency exchange that collapsed last week, to zero.
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