Newspaper: Canada’s Public Pension Fund Freezes Partnership with DP World

Sudanhorizon – Agencies
The Quebec Public Pension Fund (CPPQ) announced Tuesday that it is suspending new partnerships with DP World after recently released emails revealed years of communication between the company’s CEO and convicted sex offender Jeffrey Epstein, with some emails including references to sexually explicit encounters.

The Gazette reported that the Caisse de dépôt et placement du Québec (CDG), Canada’s second-largest pension fund managing nearly half a trillion dollars, is now seeking clarification from the Dubai-based company regarding the conduct of its longtime chairman and CEO, Sultan Ahmed bin Sulayem.

A spokesperson for the fund stated, “We have made it clear to the company that we expect them to provide a full account and take appropriate action. Until then, we will suspend any further capital investments in the company.”

The fund has at least $6 billion invested in joint ventures managed by DP World, making it one of the company’s largest partners. This freeze comes after the US Department of Justice released a trove of nearly three million documents related to Epstein, showing that Bin Sulayem maintained contact with Epstein for more than a decade after his 2008 conviction on charges including sex trafficking of minors.

Bin Sulayem took over as chairman of DP World in 2007 and was appointed group president and CEO in 2016, overseeing a network of more than 60 ports and terminals in nearly 40 countries. The company’s revenues reached approximately $20 billion last year.

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