The UK development finance agency and Canada’s second-largest pension fund have suspended new investments in DP World following allegations of ties between CEO Sultan Ahmed bin Sulayem and Jeffrey Epstein.
Members of the US Congress said Sulayem’s name appeared in documents linking him to Epstein, who was convicted of sex offenses involving minors.
The documents, released by the US Department of Justice, reveal a decade-long relationship between Sulayem and Epstein after Epstein’s 2008 conviction.
The files include emails and texts indicating discussions about business and personal matters, including visits to Epstein’s Caribbean island.
While being named in the documents does not equate to criminal activity, it has raised concerns about Sulayem’s past dealings with the financier.
In response, British International Investment (BII) announced it would pause new investments with DP World, stating it was “shocked” by the allegations.
The company, which jointly invests in four ports in Africa with DP World, has called for the company to take appropriate actions before it proceeds with further investments.
Similarly, Canadian pension fund La Caisse said it would halt new capital deployment until DP World clarifies the situation.
Sulayem, one of Dubai’s most influential businessmen, has overseen the growth of DP World, making it one of the largest logistics companies globally, handling around 10 per cent of global trade.
The company operates worldwide, including in Canada, Peru, India, and Angola. DP World also sponsors major events in professional golf and is a logistics partner for McLaren’s Formula 1 team.
Sulayem is also chairman of the Dubai International Chamber and the Dubai Ports, Customs and Free Zone Corporation, with ventures including Nakheel, the developer of Dubai’s palm-shaped islands, and DMCC, a commodities exchange.
