The UK Development Finance Agency and Canada's second largest?pension funds have suspended new investments?with global port operator DP World due to alleged ties between DP World's chief executive and disgraced financier Jeffrey Epstein. This has increased pressure on the Dubai based firm.

Members of the U.S. Congress stated that DP World Chairman Sultan Ahmed bin Sulayem appeared in the documents, prompting renewed attention to his past interactions Epstein, a convicted sex offenders.

The documents published by the U.S. Department of Justice, which show Epstein’s web of connections with prominent people in politics, finance and academia, and business, indicate a close friendship between the two men that lasted for over a decade following Epstein’s conviction on prostitution charges against an underage girl.

These documents contain emails and texts that seem to show conversations between Epstein and the other man about "business", sex, and plans to travel to Epstein's Caribbean Island.

The mere fact that you are listed in the file does not prove criminal activity.

DP World declined comment while Bin Sulayem didn't immediately?respond to a comment request sent to his LinkedIn profile.

British International Investment (BII), the UK's development finance agency, announced that it had halted all new investments in DP World.

"We are horrified by the allegations that have emerged in the Epstein documents regarding Sultan Ahmed Bin Sulayem," stated a spokesperson from BII. BII invests with DP World in 4 ports in Africa.

We will not make any new investments in DP World until they have taken the necessary actions."

La Caisse, a Canadian pension fund, said it would "pause additional capital deployment along with the company" until DP World clarified the situation and "took the necessary actions".

A prominent role

Bin Sulayem is one of Dubai's leading businessmen. He has overseen DP World's expansion, which has made it one of the largest 'logistics' companies in the world.

It claims to handle around 10% of the global trade. The company has operations in countries such as?Canada and Peru, India, and Angola.

Since 2023, DP 'World has also been the logistics partner of McLaren Formula 1 Racing Team. You can see its logo on footballers in Australia and cricket players in South Africa.

McLaren refused to comment on whether it would revisit its relationship with Emirati Company.

Sulayem's role is not limited to his work at DP World. He also serves as the chairman of Dubai International Chamber and?Dubai Ports, Customs and Free Zone Corporation,?among?others.

Bin Sulayem also established Nakheel (the real estate developer responsible for Dubai's palm-shaped islands) and contributed to the creation DMCC commodities exchange, according to a biography on DP World website. (Reporting from Nazih Osseiran and Sam Tabahriti, in Beirut; Additional reporting provided by Nivedita Bali; Writing by Federico Maccioni and Editing by Sharon Singleton and Aidan Lewis; Daniel Wallis).

(source: Reuters)