DP World Ltd appointed a brand new chief govt officer and chairman, the roles beforehand held by Sultan Ahmed Bin Sulayem, whose alleged connections to disgraced financier Jeffrey Epstein led two corporations to droop dealings with the logistics agency this week, based on a Bloomberg report.
The corporate appointed Yuvraj Narayan as chief govt officer and Essa Kazim as chairman, based on an announcement from Dubai Media Workplace on X on Friday. The corporate didn’t touch upon whether or not Bin Sulayem stays with the corporate.
“DP World proclaims the appointment of Essa Kazim as Chairman of its Board of Administrators and the appointment of Yuvraj Narayan as Group Chief Govt Officer,” the X publish learn.
What are the allegations towards Sultan Ahmed Bin Sulayem?
Bin Sulayem, who has led the Dubai-owned port operator since 2019, maintained a relationship with the convicted pedophile each earlier than and for over a decade after Epstein’s imprisonment in 2008 on prices reminiscent of procuring a minor for prostitution.
The connection was revealed by means of a collection of emails launched by the US Division of Justice and different sources obtained by the information portal final yr. Moreover, no less than two government-linked funding funds have paused their offers with DP World, intensifying the repercussions.
Pull again amid allegations
In keeping with the report, British Worldwide Funding, a £9.9 billion ($13.6 billion) growth finance physique owned by the UK authorities, introduced it has suspended investments within the firm amid the allegations. In the meantime, Canadian pension fund Caisse de Depot et Placement du Quebec, a key monetary companion in varied DP World tasks, said it’s stopping all future funding plans with the agency.
The emails present that the 2 males exchanged intimate messages, shared enterprise and political contacts, and tried to dealer offers for each other, it added.
About DP World and Bin Sulayem
DP World operates throughout 83 nations with a workforce of over 119,000 workers. The corporate manages the Center East’s largest port at Jebel Ali in Dubai, together with the London Gateway within the UK, logistics amenities within the US, and varied different websites throughout Africa.
Bin Sulayem, a Dubai businessman educated at Temple College in Philadelphia, has held quite a few government-linked roles within the emirate over the previous twenty years. He was amongst many executives who misplaced their jobs following the worldwide monetary disaster, a interval when Dubai confronted a near-default because of difficulties in repaying property-related debt.
In a former high-profile function, bin Sulayem led actual property developer Nakheel PJSC, the builder of Dubai’s famed palm-shaped islands.