Dubai’s DP World replaces CEO after Epstein links emerge
Ahmed Bin Sulayem, Sultan of Dubai, speaks at a press conference in New York on November 10, 2005.
Mario Tama | Getty Images News | Getty Images
The CEO of Dubai’s largest port has been replaced by the company after details of his past relationship with late sex offender Jeffrey Epstein were made public.
On Friday, DP World said in an announcement: expression He said that he appointed Essa Kazim as the chairman of the board of directors and Yuvraj Narayan as the chairman of the group executive committee, replacing Sultan Ahmed bin Sulayem.
The U.S. Department of Justice’s latest files on Epstein reveal that the financier once “spoiled money” from Sulayem.close personal friend“and I called him one of his most trusted friends in other files. Sulayem was not charged with any crime.
In the statement made to Nasdaq Dubai, where DP World holds its publicly traded bonds, it was stated that Sulayem resigned “with immediate effect”.
Sulayem has led Dubai’s largest port operator, as chairman since 2007 and CEO since 2016.
The statement did not mention Sulayem, but said the company “confirms that the new appointments support its sustainable growth strategy and reinforce its role in strengthening global supply chains and supporting Dubai’s position as a leading hub for trade and logistics.”
CNBC sought comment from Sulayem through DP World, where he serves as president and CEO, but did not receive a response.
Kazim was most recently governor of DIFC, the financial center of Dubai. Narayan had been deputy CEO and CFO of DP World since 2005.
Sulayem is one of Dubai’s most prominent businessmen, hailing from one of the Emirate’s main families. His father was an advisor to the ruling Al Maktoum family, and Sulayem played a key role in Dubai’s rise as an economic hub.
Sulayem oversaw the transformation of Dubai’s Jebel Ali port into a major deep-sea shipping hub and DP World’s expansion into an international logistics empire that now oversees ports handling a tenth of the world’s container trade.
He also ran Nakheel Properties, a Dubai government-owned developer, but was replaced during a major board restructuring following Dubai World’s debt problems during the 2008 financial crisis.
‘Close personal friend’ of Epstein
The extent of Sulayem’s relationship with Epstein has been revealed in recent weeks following the release of the latest files.
Records show the Emirati businessman was in contact with Epstein after the financier was convicted of soliciting a minor for prostitution in 2008.
Authorities emphasized that a mention in the Epstein files does not indicate wrongdoing or prove that the name was part of an alleged client list or blackmail scheme.
Jeffrey Epstein and DP World Group CEO Sultan Ahmed bin Sulayem.
House Oversight Committee Democrats
Pressure from DP World’s partners
This week, pressure grew for Sulayem to resign after international partners paused new deals with DP World and called on the company to take “necessary action”.
La Caisse, Canada’s second-largest pension fund, which has invested more than $5 billion with DP World over the past decade, said it would pause “additional capital deployment alongside the company.”
In a statement sent to CNBC, La Caisse said it was “important to separate the DP World company from the person who is the focus of the current situation, Sultan Ahmed bin Sulayem.”
“At this point, we have made it clear that we expect the company to shed light on the situation and take the necessary measures,” the pension fund said. he said.
The spokesperson of British International Investment, which invests in four African ports with DP World, said that it will also take a break from new investments.
“We will not make new investments with DP World until the necessary actions are taken by the company in light of the allegations.”
