Canada’s second-largest pension fund has decided to halt future dealings with Dubai’s DP World, following unsettling revelations about the company’s CEO, Sultan Ahmed bin Sulayem, and his connections with convicted sex offender Jeffrey Epstein.
The Quebec-based La Caisse pension fund, which has poured billions into various port projects globally, stated it would “join the company in suspending further capital injections.”
This marks the first instance of DP World’s global partners opting to withdraw business ties after the US Department of Justice released messages between Sulayem and Epstein, which surfaced as part of previously disclosed documents regarding the disgraced investor.
The C$496 billion (US$366 billion) pension fund has made it clear it expects DP World to clarify the situation and take needed actions, emphasizing the importance of distinguishing between the company and the individual CEO.
Since the Financial Times first reported on Sulayem’s interactions with Epstein earlier this month—conversations that included comments on sexual experiences and coordination of training for “masseurs” at Epstein’s “private spa”—neither DP World nor Sulayem has provided any comments.
Despite the serious nature of these messages being made public last month, no repercussions have been directed at Sulayem, a prominent figure in Dubai’s business scene.
The ruling royal family of Dubai, which typically remains unresponsive to external critiques, manages DP World.
When approached on Tuesday regarding La Caisse’s decision, the company refrained from commenting.
Sulayem has been at the helm of DP World for over 40 years, during which time he has played a significant role in establishing it as one of the largest container terminal operators globally. The company runs six Canadian ports and has major investments in the UK and other nations.
La Caisse ranks among its top investment partners.
Documents released by the Justice Department indicated Sulayem continued his association with Epstein even after the latter’s 2008 conviction for soliciting sex from a minor and shortly before Epstein’s death in prison in 2019 while he awaited trial on sex trafficking charges.
The exchanges between the two apparently included sharing images and lists of escort and massage services across various cities, as well as discussions about their romantic entanglements.
In a message from September 2015, Sulayem described a woman he was involved with, noting she had “a great body and the best sex I’ve ever had.”
In November 2013, he communicated to Epstein, stating: “By the way, a Ukrainian and a Moldavian have arrived. I’m very sorry to say that the Ukrainians are very beautiful, but the Moldavians are not as attractive as they appear in the photos.” Epstein’s response was simply “Photographer.”
The Emirati businessman, who became chairman in 2007, has served as group chairman and CEO of DP World since 2016. The company is notably recognized in the UK for its acquisition of P&O Ferries in 2019, as well as for its investments in ports and infrastructure worldwide.
Last September, DP World entered a joint venture with La Caisse for the expansion project at Contrecoeur Port in Montreal, a key proposal under Prime Minister Mark Carney’s infrastructure initiative.
In June 2022, La Caisse announced a USD 5 billion investment transaction involving DP World, linked to three of its flagship assets in the UAE, including the massive Jebel Ali port in Dubai, known as the largest in the Middle East.
The partnership between La Caisse and DP World had been initiated in 2016, with a commitment to invest US$3.7 billion in ports and terminals around the globe.
