Khaberni - Dubai Ports World announced on Friday, in a statement, that it appointed Essa Kazim as chairman of its board of directors and Yuvraj Narayan as the group's CEO, replacing Sultan Ahmed bin Sulayem, after revealing details of his former relationship with the late sex offender Jeffrey Epstein.
Recent files from the U.S. Department of Justice regarding Epstein revealed that the financier once referred to Sulayem as a "close personal friend" and described him as one of his most trusted friends in other filings.
Sulayem has been at the helm of the largest port operator in Dubai as chairman of the board since 2007 and CEO since 2016.
The statement did not mention Sulayem's name, but it stated that the company "confirmed that the new appointments support its strategy for sustainable growth and enhance its role in strengthening global supply chains and supporting Dubai's position as a leading hub for trade and logistics services."
Pressure from Dubai Ports World partners
Pressure increased this week on Sulayem to resign after international partners halted new deals with Dubai Ports World, demanding the company to take the "necessary action".
La Caisse, Canada's second-largest pension fund, which has invested more than 5 billion dollars alongside Dubai Ports World over the past decade, announced it would halt "the deployment of additional capital alongside the company".
In a statement sent to CNBC, La Caisse said it "is important to distinguish between the company, DP World, and the individual, Sultan Ahmed bin Sulayem, who is at the heart of the current situation".
The pension fund added: "In this regard, we have made it clear to the company that we expect it to highlight the situation and take necessary measures".
A spokesperson for British International Investment, which invests with Dubai Ports World in four African ports, said they would also stop new investments, adding: "In light of these allegations, we will not make any new investments with Dubai Ports World until the company takes the required actions".
