DP World appoints new CEO and Chairman amid controversy over Sultan Ahmed Bin Sulayem’s alleged links to Epstein files
DP World Ltd has appointed a new chief executive and chairman, roles previously held by Sultan Ahmed Bin Sulayem, whose alleged links to disgraced financier Jeffrey Epstein led the two companies to suspend their relationship with the logistics firm this week, according to a Bloomberg report.
The company appointed Yuvraj Narayan as chief executive officer and Essa Kazim as president, according to a statement from the Dubai Media Office on Friday. The company did not comment on whether Bin Sulayem would remain with the company.
“DP World announces the appointment of Essa Kazim as Chairman and Yuvraj Narayan as Group Chief Executive Officer,” the X post read. it said.
What are the allegations about Sultan Ahmed Bin Sulayem?
Bin Sulayem, who has run the Dubai-owned port operator since 2019, maintained a relationship with the convicted pedophile for more than a decade before and after Epstein was imprisoned in 2008 on charges including procuring a minor for prostitution.
The relationship was revealed through a series of emails released by the US Department of Justice and other sources obtained by the news portal last year. Additionally, the repercussions were intensified when at least two government-affiliated investment funds paused their deals with DP World.
Retreat over allegations
According to the report, British International Investment, the £9.9 billion ($13.6 billion) development finance institution owned by the British government, announced that it suspended its investments in the company following the allegations. Meanwhile, Canadian pension fund Caisse de Depot et Placement du Quebec, a major financial partner of various DP World projects, announced that it had halted all future investment plans with the firm.
He added that the emails showed the two men exchanged intimate messages, shared business and political connections and tried to make deals for each other.
About DP World and Bin Sulayem
DP World operates in 83 countries with over 119,000 employees. The company manages the Middle East’s largest port at Jebel Ali in Dubai, as well as London Gateway in the UK, logistics facilities in the US and various other facilities in Africa.
Bin Sulayem, a Dubai businessman who studied at Temple University in Philadelphia, has held numerous government-related roles in the Emirate over the past two decades. He was among many executives who lost their jobs in the wake of the global financial crisis, a period when Dubai nearly went into default due to difficulties in repaying property-related debts.
Bin Sulayem, a former high-profile incumbent, led property developer Nakheel PJSC, the builder of Dubai’s famous palm-shaped islands.
