In a surprising move to reorganize the leadership of one of the world’s largest logistics empires, DP World has announced the appointment of Issa Kazim as Chairman of the Board and Yuvraj Narayan as CEO, replacing Sultan bin Sulayem, who led the group for many years and has achieved an incredible expansion that has seen the company control around 10% of global trade.
The move comes days after a major leak revealed bin Sulayem’s relationship with convicted American financier Jeffrey Epstein, including correspondence involving exchanges of contacts and business dealings, as well as attendance at special events related to him. This triggered a wave of international pressure and raised sharp questions about governance standards.
Investors are threatening sanctions
In a sign of the extent of concern in the global investment community, Britain’s International Investment Corporation and Canada’s leading pension funds announced they would suspend new investments in the company until the situation becomes clearer and clear corrective action is taken.
The Dubai Government Media Department said the new appointments were made “within the framework of strengthening the governance system and institutional leadership,” while President Mohammed bin Rashid Al Maktoum issued a decree appointing Abdullah bin Demetan as chairman of the Ports and Customs Authority, a position also held by bin Sulayem.
Shocking correspondence…and expanded relationship
Documents released by the U.S. Department of Justice and correspondence released by Bloomberg reveal what is described as a friendly and long-standing relationship between Ben Sulayem and Epstein, which continued for years after Epstein was convicted in 2008.
The messages included exchanging personal photos and jokes, as well as discussions about business and the lifestyles of the wealthy, and efforts to expand connections in the fields of politics and investing. The documents also show contacts with prominent international figures, including former Israeli Prime Minister Ehud Barak and former European Commissioner Peter Mandelson.
Controversial island and suspected investment
The document shows repeated interest in visiting Little St. James Island in the U.S. Virgin Islands, which U.S. authorities say is used as a hub for human trafficking crimes. It also focused on a project to buy neighboring Great St. James Island in 2016, with Bin Sulayem’s name listed as the beneficial owner of the company that bought the island, although it was later revealed that Epstein had a hand in the ownership.
The letter cited employment requests for people close to Epstein at companies and hotels linked to bin Sulayem, as well as attempts to structure potential deals and investments, as well as other incidents that raised legal questions.
trust is at stake
The last message was sent days before Epstein’s arrest in New York in 2019, documents show. There was no official comment from Bin Sulayem or company representatives regarding the contents of the leak.
In a surprising move aimed at restructuring the leadership of one of the world’s largest logistics empires, DP World has announced the appointment of Issa Kazim as chairman and Yuvraj Narayan as CEO, replacing Sultan bin Sulayem, who led the group for many years and achieved massive expansion to control around 10% of global trade.
The move comes days after explosive leaks revealed bin Sulayem’s relationship with convicted American financier Jeffrey Epstein in correspondence that included exchanges of correspondence and business dealings, as well as attendance at private events related to him. This triggered a wave of international pressure and raised sharp questions about governance standards.
Investors threaten sanctions
British International Investment and Canada’s major pension funds have both announced they will suspend new investments in the company until the situation becomes clearer and corrective measures are taken, underscoring the level of concern in the global investment community.
Dubai’s government press office said the new appointments were “part of strengthening governance and corporate leadership,” while President Mohammed bin Rashid Al Maktoum issued a decree appointing Abdullah bin Domeitan as head of ports and customs, a position also held by bin Sulayem.
Shocking correspondence…and expanded relationship
Documents released by the U.S. Department of Justice and correspondence released by Bloomberg reveal a allegedly friendly and long-standing relationship between Bin Sulayem and Epstein that continued for years after Epstein was convicted in 2008.
The messages included exchanging personal photos and jokes, as well as discussions about business and the lifestyles of the wealthy, and efforts to expand networks in the fields of politics and investing. The documents also included correspondence with prominent international figures, including former Israeli Prime Minister Ehud Barak and former European Commissioner Peter Mandelson.
Controversial island and suspected investment
The documents showed repeated interest in visiting Little St. James Island in the U.S. Virgin Islands, which U.S. authorities say was used as the scene of human trafficking crimes. They also focused on a project to buy neighboring Great St. James Island in 2016, in which Mr. bin Sulayem was registered as the beneficial owner of the company that bought the island, although it was later revealed that Mr. Epstein had a hand in the ownership.
The communications discussed attempts to structure potential deals and investments, requests for the employment of individuals close to Epstein at companies and hotels associated with bin Sulayem, and other incidents that have raised legal doubts.
trust is at stake
The last message was sent days before Epstein’s arrest in New York in 2019, the documents show. There has been no official comment from Bin Sulayem or company representatives regarding the contents of the leak.
