Caisse de dépôt Pauses New DP World Partnerships After CEO's Epstein Emails Surface
Quebec's public pension fund, the Caisse de dépôt et placement du Québec, has announced it is pausing all new partnership activities with global port operator DP World. This decisive action comes in response to recently released emails that reveal extensive correspondence between DP World's chief executive and convicted sex offender Jeffrey Epstein over more than a decade.
Demanding Full Transparency
Jean-Benoît Houde, spokesperson for Canada's second-largest pension fund managing nearly $500 billion in assets, stated clearly: "We have made it clear to the company that we expect it to shed full light on the situation and take the necessary actions." He emphasized that until DP World provides satisfactory clarification, the Caisse will halt additional capital deployment alongside the company.
The pension fund currently has approximately $6 billion invested in joint ventures managed by DP World, making it one of the company's most significant institutional partners globally. This substantial financial exposure has prompted the Caisse to take immediate precautionary measures while investigating the matter thoroughly.
Revelations from Epstein Files
The troubling correspondence came to light through the U.S. Department of Justice's release of approximately 3 million files related to Jeffrey Epstein. These documents show that Sultan Ahmed bin Sulayem, DP World's chairman and CEO since its founding in 2005, maintained communication with Epstein for years following Epstein's 2008 conviction on charges including procuring a minor for prostitution.
Among the released emails, bin Sulayem discussed personal relationships with women he described as significantly younger than himself and attempted to arrange in-person meetings with Epstein. In one particularly concerning 2013 email, the executive wrote: "I met this one on a dating site three months ago, she is a law student in Kiev, she is 21, she is visiting me for one week on Nov. 11."
Additional Disturbing Details
Further complicating the situation, U.S. Representative Thomas Massie of Kentucky revealed on Monday that bin Sulayem was also the recipient of an email from Epstein referencing a "torture video." The recipient's name had initially been redacted in court filings, adding another layer of concern to the already troubling revelations.
DP World, headquartered in Dubai, operates a network of more than 60 ports and terminals across approximately 40 countries. The company reported about $20 billion in revenue last year, with bin Sulayem personally controlling an extensive luxury real estate portfolio that includes prestigious properties like London's Dukes Hotel in Mayfair and a five-star resort in Dubai.
Strategic Partnership History
The Caisse's relationship with DP World dates back to 2016 under the leadership of Michael Sabia, with initial commitments of nearly $4 billion aimed at creating a global port investment platform. This partnership has grown significantly over the years, most notably with a $2.5-billion investment in 2022 for the port of Jebel Ali in Dubai along with its adjacent free zone and industrial park.
Perhaps most significantly for Canadian interests, the pension fund played a crucial role in ensuring DP World Canada, a joint venture with the Emirati group, was selected to operate the future container terminal at the Port of Montreal. This strategic position highlights the importance of the relationship between the two entities and the potential implications of the current pause in new partnerships.
Distinguishing Corporate from Individual
Houde was careful to note that the Caisse is not a direct shareholder in DP World's parent company and that its exposure comes exclusively through joint ventures in port and logistics infrastructure. "It is important to distinguish the company, DP World, from the individual," he emphasized, suggesting the pension fund's concerns relate specifically to governance and ethical standards rather than broader business operations.
The Gazette attempted to reach DP World for comment on these developments, but the company did not respond before publication time. As one of Quebec's most significant institutional investors, the Caisse's actions send a strong message about corporate accountability and ethical standards in international business partnerships.
