The pension fund holds stakes in several of DP’s assets
The country’s second largest pension fund, La Caisse, is pausing all future capital deployment with global port operator DP World following revelations about the relationship between the company's CEO and chairman Sultan Ahmed bin Sulayem and convicted sex offender Jeffrey Epstein, as reported by Bloomberg.
The $496-billion pension fund is the first of DP World's global partners to halt deals with the logistics group following the publication of messages between bin Sulayem and Epstein, according to the Financial Times, while La Caisse is one of its biggest investment partners.
Benefits and Pensions Monitor has reached out to La Caisse for comment.
"We have made it clear to the company that we expect it to shed light on the situation and take the necessary actions," a La Caisse spokesperson said in an emailed statement to Bloomberg. "Until then, we are pausing additional capital deployment alongside the company."
The messages, released by the US Department of Justice, show the two men exchanged intimate and unguarded correspondence for more than a decade after Epstein's 2008 conviction on charges that included procuring a minor for prostitution.
According to both outlets, the messages reveal the men exchanged contacts in business and politics, attempted to broker deals for one another, and made explicit references to sexual encounters. Bin Sulayem wrote frequently about visiting Epstein's private Caribbean island and even assisted the financier in exploring plans for a private resort, Bloomberg reported.
La Caisse stressed it was "important to distinguish the company, DP World, from the individual, Sultan Ahmed bin Sulayem," according to the Financial Times.
The pension fund holds significant stakes in several DP World assets, including a 45 per cent interest in the Canadian subsidiary, Bloomberg reported. In 2016, the two parties announced commitments totalling US$3.7 billion for a platform investing in ports and terminals globally.
In 2022, La Caisse invested US$5 billion in three of DP World's flagship UAE assets, including the Jebel Ali Port in Dubai, the largest in the Middle East, according to the Financial Times.
More recently, DP World signed a joint venture with La Caisse for the Port of Montreal's future C$2.3-billion terminal expansion in Contrecœur - a project identified as one of the first major proposals under Prime Minister Mark Carney's infrastructure agenda, the Financial Times reported.
DP World and bin Sulayem have repeatedly declined to comment on the matter. Dubai's royal family oversees the state-owned company.
All of La Caisse's investments with DP World are in port projects, not the parent company, a spokesperson for the fund confirmed to Bloomberg.
