Canada’s La Caisse halts fresh investments with DP World over Epstein files

Caisse de depot et placement du Quebec (La Caisse), Canada’s second-largest pension fund, has put new investments with Dubai-based ports operator DP World on hold, citing concerns over alleged links between the company’s top executive and convicted sex offender Jeffrey Epstein.

“We have made it clear to the company that we expect it to shed light on the situation and take the necessary actions,” Bloomberg News reported, citing an emailed statement. “Until then, we are pausing additional capital deployment alongside the company.”

The decision follows disclosures that DP World’s chairman and chief executive, Sultan Ahmed bin Sulayem, exchanged a series of private messages with Epstein before—and for years after—Epstein’s 2008 conviction on charges that included procuring a minor for prostitution.

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Emails released by the US Department of Justice, along with material reviewed by Bloomberg News last year, indicate the two men shared contacts in business and political circles, explored potential deals and made explicit references to sexual encounters. The correspondence also shows bin Sulayem discussing visits to Epstein’s private Caribbean island and offering assistance when Epstein was weighing plans for a private resort.

DP World ranks among the world’s largest container port operators and has longstanding financial ties with Canadian institutional capital. La Caisse, which manages C$496 billion (around $366 billion) in assets, is one of its key investment partners and owns stakes in several DP World assets, including 45 per cent of its Canadian subsidiary.

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The partnership was unveiled in 2016 with a combined commitment of $3.7 billion to create an investment platform targeting ports and terminals worldwide. The relationship deepened in subsequent years.

In 2022, La Caisse invested $2.5 billion in DP World’s flagship Jebel Ali Port, the adjacent Jebel Ali Free Zone and the National Industries Park in the United Arab Emirates.

The pension fund has stressed that its exposure is limited to specific port assets and does not extend to equity in DP World’s parent entity.

DP World operates five port facilities in Canada and is embedded in the country’s trade infrastructure. In 2025, it secured the mandate to run the Port of Montreal’s future C$2.3 billion terminal expansion, reinforcing its footprint in one of Canada’s busiest gateways.