February 11 (Reuters) – The UK development finance agency and Canada’s second-largest pension fund have stopped making new investments with DP World, a global ports operator. This decision comes after concerns were raised about the connections between its CEO, Sultan Ahmed bin Sulayem, and the late financier Jeffrey Epstein.
Members of the U.S. Congress noted that Bin Sulayem’s name was found in documents related to Epstein, a convicted sex offender. These documents, released by the U.S. Department of Justice, reveal Epstein's extensive network of relationships with influential figures in various fields, including politics and finance. They suggest that Bin Sulayem had a close association with Epstein that lasted over a decade, even after Epstein was convicted in 2008 for prostitution involving an underage girl.
The documents include communications that seem to indicate discussions about business, personal topics, and trips to Epstein's Caribbean island.
Being mentioned in these documents doesn’t automatically imply criminal behavior.
When asked for a comment, DP World declined to respond, and Bin Sulayem did not reply to a request for comment through his LinkedIn profile.
The UK development finance agency, British International Investment (BII), confirmed that it will pause new investments with DP World. A BII spokesperson expressed shock regarding the allegations against Bin Sulayem, highlighting their investments alongside DP World in four ports in Africa.
“We will hold off on any new investments with DP World until they address these concerns,” the spokesperson stated.
La Caisse, a Canadian pension fund, also announced it would pause additional investments in DP World until the company clarifies the situation and takes appropriate actions.
Bin Sulayem is a leading businessman in Dubai who has guided DP World in becoming one of the largest logistics companies globally, claiming to manage about 10% of global trade across various countries, including Canada, Peru, India, and Angola.
DP World also has sponsorships, including a leading professional golf tour in Europe and a partnership with McLaren’s Formula 1 team since 2023. Their branding is seen on sports players in South Africa and Australia.
McLaren has not commented on whether it will reconsider its relationship with DP World.
Apart from his role at DP World, Sulayem holds positions such as chairman of the Dubai International Chamber and the Dubai Ports, Customs and Free Zone Corporation, among others.
His other notable ventures include founding Nakheel, the real estate developer known for Dubai's palm-shaped islands, and helping to establish the Dubai Multi Commodities Centre (DMCC), according to his biography on DP World’s website.