No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Dubai-based logistics giant and P&O Ferries parent company DP World has announced that its chief executive has left with immediate effect following reports of his alleged ties to Jeffrey Epstein.
Sultan Ahmed bin Sulayem, who has led DP World since 2016 and been chair since 2007, is said to have appeared in the latest release of the Epstein files by the Department of Justice, and had sent communications to the late disgraced financier even after the latter's conviction for soliciting prostitution from a minor in 2008.
While the appearance of Sulayem's name in the files does not constitute any evidence of wrongdoing, Epstein once referred to the Emirati businessman as a "close personal friend", while a number of messages they exchanged were of a sexual nature.
DP World said in a statement on Friday that Borse Dubai chair Essa Kazim has now been appointed as chair of the board, while long-running chief financial officer Yuvraj Narayan would replace Sulayem as CEO.
Kazim, who is also the governor of the Dubai International Financial Centre, is said to bring "extensive experience in financial and economic affairs".
Meanwhile, Narayan, who has been CFO since 2005, has led a number of "strategic and transformational initiatives that supported the company's expansion across international markets", the company said.
DP World has been under mounting pressure in recent days after announcements by two significant partners, Canadian pension fund La Caisse and UK development finance agency British International Investment, who warned they would suspend future ties with the company following the revelations.
In a statement to Bloomberg on Wednesday, a La Caisse spokesperson said: "We have made it clear to the company that we expect it to shed light on the situation and take the necessary actions [...] Until then, we are pausing additional capital deployment alongside the company."
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.