Within less than 24 hours, two of DP World’s largest partners suspended their investment plans with the company following allegations of ties between its chairman and the convicted billionaire Jeffrey Epstein, according to two separate Bloomberg reports.
Canada’s second-largest pension fund was the first to announce it was freezing its future investment plans with DP World. A spokesperson for Caisse de dépôt et placement du Québec (CDPQ) said in a statement emailed to Bloomberg: “We have made it clear to the company that we expect clarification of the situation and the necessary actions to be taken,” adding, “Until then, we are suspending the deployment of any additional capital in partnership with the company.”
For its part, British International Investment (BII) — a £9.9 billion ($13.6 billion) development finance institution owned by the UK government — announced it would halt any new investments with the company for the same reason.
A spokesperson for BII said in a statement also emailed to Bloomberg: “We are shocked by the allegations contained in the Epstein files concerning Sultan Ahmed bin Sulayem,” adding, “In light of these allegations, we will not make any new investments with DP World until the company has taken the required actions.”
Substance of the Messages
Emails recently released by the US Department of Justice, as well as others obtained by Bloomberg last year, show that Sultan bin Sulayem, Chairman and Chief Executive Officer of DP World, exchanged explicit messages with Epstein prior to his imprisonment in 2008, and continued corresponding with him for more than a decade after his conviction on charges including procuring minors for prostitution.
The messages also show the two men shared contact information for business and political figures and sought to broker deals for one another. They included explicit references to sexual events, according to Bloomberg. The emails indicate that bin Sulayem frequently wrote to Epstein about visiting his private Caribbean island and even assisted with certain arrangements when Epstein was planning to establish a private resort.
DP World did not respond to Bloomberg’s request for comment regarding the decisions by CDPQ and BII. Bin Sulayem and company representatives also did not respond to repeated requests for comment on a Bloomberg investigation into the content of the emails.
Investments in Dubai, Canada and Africa
DP World is one of the world’s largest container port operators. CDPQ is among its most prominent financial partners. The fund, which manages C$496 billion ($366 billion) in assets, holds stakes in several company-owned assets, including a 45% interest in its Canadian subsidiary.
Their partnership was first announced in 2016 through total commitments of $3.7 billion to establish a new platform aimed at investing in ports and container terminals worldwide, followed by additional investments.
In 2022, CDPQ invested $2.5 billion in Jebel Ali Port, the Jebel Ali Free Zone, and the National Industries Park in Dubai.
A spokesperson for the fund confirmed that all of its investments with DP World are limited to port projects and do not include the parent company. DP World operates five port facilities in Canada and last year won a contract to operate the future expansion of the Port of Montreal’s container terminal, a project valued at C$2.3 billion.
British International Investment’s relationship with DP World dates back to 2021, when it announced it would invest alongside the company in a platform focused on Africa, beginning with ports in Senegal, Egypt and Somaliland. The institution committed an initial $320 million, with a further $400 million to be invested over several years.
