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Ontario Teachers\u2019 Pension Plan (OTPP), one of the largest pension plans in the world, is writing down its investment in the bankrupt crypto exchange FTX. \u201cRecent reports suggest potential fraud conducted at FTX which is deeply concerning for all parties,\u201d the plan states.<\/strong><\/p>\n Ontario Teachers\u2019 Pension Plan (OTPP), Canada\u2019s third largest pension fund, issued a statement Thursday regarding its investment in the collapsed cryptocurrency exchange FTX. The OTPP, which currently has about C$243 billion ($182 billion) in net assets, invests for 333,000 working and retired teachers, its website shows.<\/p>\n The statement explains that the Ontario Teachers\u2019 Venture Growth (TVG) fund invested C$75 million in FTX International and its U.S. entity, FTX US, in October last year. In January, the fund made a follow-up investment of C$20 million in FTX US.<\/p>\n Ontario Teachers\u2019 Pension Plan detailed:<\/p>\n Our investment represented less than 0.05% of our total net assets and equated to ownership of 0.4% and 0.5% of FTX International and FTX US, respectively.<\/p>\n<\/blockquote>\n \u201cRecent reports suggest potential fraud conducted at FTX which is deeply concerning for all parties,\u201d the statement adds. \u201cWe fully support the efforts of regulators and others to review the risks and causes of failure for this business.\u201d<\/p>\n The pension plan noted:<\/p>\n We will be writing down our investment in FTX to zero at our year end \u2026 We are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach.<\/p>\n<\/blockquote>\n \u201cThe financial loss from this investment will have limited impact on the plan, given its size relative to our total net assets and our strong financial position,\u201d the statement concludes.<\/p>\n FTX filed for Chapter 11 bankruptcy last week. Former CEO Sam Bankman-Fried also stepped down and was replaced by John Ray III, a veteran insolvency professional who oversaw the liquidation of Enron. \u201cNever in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,\u201d Ray said<\/a> in a court filing Thursday.<\/p>\n Recently, the Singapore government\u2019s Temasek<\/a> Holdings, Paradigm<\/a>, and Sequoia Capital<\/a> similarly announced that they are writing down the entire value of their FTX investments.<\/p>\nMajor Canadian Pension Plan Writes Down FTX Investment<\/h2>\n
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