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Dubai Sultan Ahmed bin Sulayem speaks at a news conference in New York on November 10, 2005.
Mario Tama | Getty Images News | Getty Images
The chief executive of Dubai’s largest port has been replaced by the company after details of his past relationship with late sex offender Jeffrey Epstein became public.
DP World announced in a statement on Friday statement Appointed Essa Kazim as Chairman of the Board of Directors and Yuvraj Narayan as Group Chief Executive Officer, succeeding Sultan Ahmed bin Sulayem.
The latest Epstein-related documents released by the U.S. Department of Justice show that the financier once referred to Sulayem as “close personal friend” and called him one of his most trusted friends in other files. Sulayem has not been charged with any criminal misconduct.
A disclosure from Nasdaq, a company listed on DP World, said Sulayem had resigned “effective immediately.”
Sulayem has been chairman of Dubai’s largest port operator since 2007 and chief executive since 2016.
The statement did not mention Sulayem but said the company “confirms that the new appointment supports its sustainable growth strategy and strengthens its role in strengthening global supply chains and supporting Dubai’s position as a leading hub for trade and logistics.”
CNBC sought comment through DP World, where Sulayem serves as chairman and CEO, but did not receive a response.
Kazim most recently served as Governor of Dubai Financial Center DIFC. Narayan has served as deputy chief executive officer and chief financial officer of DP World since 2005.
Sulayem is one of Dubai’s most prominent business figures and hails from one of the emirate’s leading families. His father was an adviser to the ruling Al Maktoum family, and Sulaym played a key role in Dubai’s rise as an economic hub.
Under Sulayem, Dubai’s Jebel Ali Port developed into a major deep-water shipping hub and expanded DP World into an international logistics empire that now manages ports that handle one-tenth of the world’s container trade.
He also led Dubai government-owned developer Nakheel Properties, although he was replaced in a major board reshuffle following Dubai World’s debt woes during the 2008 financial crisis.
Epstein’s ‘close personal friend’
The extent of Sulayem’s ties to Epstein has emerged in recent weeks following the release of the latest documents.
Records show the Emirati businessman had ties to Epstein after he was convicted in 2008 of soliciting prostitution from a minor.
Authorities stressed that the mention in the Epstein dossier does not indicate evidence of wrongdoing or that the name was part of an alleged client list or extortion scheme.
Jeffrey Epstein and DP World Group CEO Sultan Ahmed bin Sulayem.
House Oversight Committee Democrats
Pressure from DP World partners
Sulayem came under increased pressure to resign this week after international partners suspended new deals with DP World and called on the company to take “necessary action”.
La Caisse, Canada’s second-largest pension fund, which has invested more than $5 billion with DP World over the past decade, said it would pause “additional capital deployments with the company.”
“It is important to distinguish between the company DP World and the individual Sultan Ahmed bin Sulayem who is the focus of the current situation,” La Caisse said in a statement to CNBC.
The pension fund added: “At this point we have made it clear to the company that we expect it to shed light on the situation and take the necessary action.”
A spokesman for British International Investment said the company was also suspending new investments. The company has jointly invested in four African ports with DP World.
“In light of these allegations, we will not make any new investments in DP World until the company takes the necessary actions.”
