DP World replaces CEO and chairman after Epstein documents scandal

Yesterday 17:30

By: Dakir Madiha

DP World replaces CEO and chairman after Epstein documents scandal

Dubai based ports operator DP World announced sweeping leadership changes on Friday, appointing Essa Kazim as chairman and Yuvraj Narayan as group chief executive, replacing Sultan Ahmed bin Sulayem who had held both roles for decades. The move comes amid mounting pressure following the release of US Justice Department documents linking bin Sulayem to disgraced financier Jeffrey Epstein.

The announcement was made by the Dubai Media Office and follows decisions by major institutional investors to halt new commitments to the company. British International Investment from the United Kingdom and Canadian pension fund La Caisse both suspended further investment after revelations tied to the Epstein files.

The allegations stem from documents reviewed by US Representatives Thomas Massie and Ro Khanna at the Justice Department on February 9. The materials were released under the Epstein records transparency law adopted in November and include millions of pages related to Epstein’s network.

According to Bloomberg, the documents indicate that bin Sulayem maintained correspondence with Epstein for more than a decade after the financier’s initial incarceration in 2008 on charges related to soliciting prostitution involving a minor. The exchanges reportedly covered business matters and included explicit sexual content. Massie identified bin Sulayem as the recipient of a 2009 email in which Epstein wrote that he had enjoyed a torture video, though details about the video were not specified.

Bin Sulayem has not been charged with any crime.

Investor scrutiny intensified after British International Investment, a 9.9 billion pound development finance institution owned by the UK government, announced it would pause new investments with DP World. A spokesperson told Bloomberg the institution was shocked by the allegations emerging from the Epstein files and would withhold further funding until appropriate steps were taken by the company.

La Caisse, the Quebec based pension fund and one of DP World’s largest financial partners with a 45 percent stake in DP World Canada, said it was suspending any additional capital deployment alongside the company until the matter is clarified.

The leadership transition places Essa Kazim, currently governor of the Dubai International Financial Centre and chairman of Borse Dubai, at the helm as chairman. Yuvraj Narayan, who joined DP World in 2004 and has served as chief financial officer since 2005, takes over as group chief executive. Narayan played a central role in transforming the company from a regional port operator into a global logistics provider operating in 79 countries and handling about 10 percent of global container trade.

DP World said the appointments support its long term growth strategy and reinforce its position in strengthening global supply chains as it seeks to reassure investors and partners during a period of heightened scrutiny.