Canada’s second-largest pension fund has decided to halt future investments in the UAE logistics firm DP World due to the company’s CEO, Sultan Ahmed bin Sulayem, and his connection to the late financier Jeffrey Epstein, who has a notorious history.
A report by La Ques newspaper revealed this relationship, prompting the fund to state it wouldn’t engage in any more investments until “necessary actions” are taken by the company. A representative for La Quesse clarified their stance, sharing that while they engage in partnerships related to global port projects, they are not shareholders in DP World itself.
It’s noteworthy to differentiate between the company and CEO Bin Sulayem, who is at the center of this controversy. The spokesperson emphasized that they expect clarity from DP World regarding this ongoing situation.
This announcement comes on the heels of the U.S. Department of Justice releasing a significant trove of documents. These records revealed years of communication between Bin Sulayem and Epstein, which included conversations about women and plans for visits to Epstein’s residence.
In a speech in the U.S. House of Representatives, Democratic Rep. Ro Khanna pointed to Bin Sulayem as one of six men whose identities had previously been redacted in the Epstein files. Importantly, Khanna did not accuse Bin Sulayem of any direct criminal activity; his name’s appearance in these documents doesn’t imply wrongdoing.
Alongside Bin Sulayem, Khanna identified Les Wexner, an American billionaire with connections to major brands like Abercrombie & Fitch and Victoria’s Secret, who has denied any knowledge of Epstein’s alleged crimes. Wexner maintains that Epstein misappropriated funds while managing his finances.
The only individual charged in connection with Epstein’s case so far is Ghislaine Maxwell, who is currently serving a 20-year sentence for child sex trafficking; Epstein himself died in 2019 while awaiting trial.
Neither DP World nor Bin Sulayem has commented on the recent developments. DP World operates over 60 ports and terminals globally and has a significant partnership with La Ques through its Canadian venture.
In September, DP World had announced intentions to develop a container terminal at the Port of Montreal, expanding its operations in Canada, which also include Vancouver, Fraser-Surrey, Nanaimo, Prince Rupert, and Saint John.
As of December 2024, La Ques manages assets totaling C$473.3 billion (about $350 billion) and is involved in various DP World projects outside of Canada. In 2022, the pension fund invested $2.5 billion into key assets within the UAE, including Jebel Ali Port and the Jebel Ali Free Zone.
