La Caisse supports DP World's leadership change after ties to Epstein, looking forward to future collaborations on global port projects.
Quebec-based pension fund La Caisse welcomed DP World's decision to part ways with chairman and chief executive Sultan Ahmed Bin Sulayem after revelations about his ties to Jeffrey Epstein, reported New York's Journal of Commerce.
La Caisse, which manages C$496 billion (US$364 billion) in assets, had earlier suspended future investments with DP World until the company addressed Sulayem's relationship with Epstein. The fund expressed its support for the move and looked forward to collaborating with new leadership on port projects worldwide.
DP World is currently developing the Contrecoeur terminal in Quebec, a project that could attract La Caisse investment. The fund stated that the company 'took the appropriate measures' and pledged to move quickly to continue the partnership.
Dubai-based DP World announced that CFO Yuvraj Narayan will assume the role of chief executive, while Essa Kazim, governor of the International Financial Center and chairman of the stock exchange, will become chairman.
Officially, DP World stated that Sulayem resigned. He had served as chairman and CEO since 2016.
