The Québec public pension fund Caisse de Dépôt et Placement du Québec, Canada’s second-largest pension investor with assets of CAD 496 billion (around €307.7 billion), has suspended new investments with port group DP World in response to revelations contained in the Epstein files published by the US Department of Justice or previously reported by Bloomberg. The decision, announced on 10 February 2026, covers any further joint capital deployment in shared port platforms pending clarification of the relationship between DP World CEO Sultan Ahmed bin Sulayem and Jeffrey Epstein.
According to Bloomberg on 10 February 2026, the fund informed the Dubai-based company that it expects it to “shed light on the situation and adopt the necessary measures” before resuming joint investment activity. Until then, a spokesperson said in an emailed statement cited by the agency, “we are pausing further capital commitments alongside the company”. The suspension does not, at this stage, involve divestment from existing holdings in specific port assets.
Bloomberg reported that it had reviewed emails released by the US Department of Justice, the contents of which allegedly show that bin Sulayem exchanged messages with Epstein both before and for more than a decade after his 2008 conviction for offences related to the sexual exploitation of minors. The documentation, the agency added, indicates economic and political contacts, attempts to facilitate reciprocal transactions, and explicit references to sexual encounters, as well as exchanges concerning Epstein’s private Caribbean island. At the time of the Canadian fund’s decision, neither DP World nor bin Sulayem had provided detailed comment in response to requests for clarification.
The relationship between Caisse de Dépôt et Placement du Québec and DP World dates back to 2016, when the two parties announced the creation of a global platform for port and terminal investments with commitments of CAD 5 billion (around €3.1 billion). The agreement provided for the Canadian fund to acquire a 45% stake in a joint venture including the container terminals of Vancouver and Prince Rupert. Over time, the partnership expanded to additional international assets, consolidating the fund’s role as one of the Emirati group’s main financial partners.
In 2022, the fund invested USD 2.5 billion (around €2 billion) in three strategic assets in the United Arab Emirates: Jebel Ali Port, Jebel Ali Free Zone and National Industries Park. The transaction strengthened its exposure to infrastructure considered central to logistics chains between Asia, the Middle East and Europe. According to the fund’s spokesperson, all holdings relate to individual port projects rather than the DP World parent company, a distinction highlighted to ringfence direct financial risk.
In Canada, DP World operates five port facilities and in 2025 secured the contract to operate the future expansion terminal at the Port of Montreal in Contrecoeur, a CAD 2.3 billion project (around €1.4 billion) under a 40-year concession. The infrastructure is backed by federal and provincial public funding commitments and represents a key node in the country’s container capacity. The suspension of new investments does not formally affect existing agreements but introduces an element of uncertainty into future development and financing phases.
The Canadian fund’s move should be viewed in the context of reputational risk management policies and environmental, social and governance criteria adopted by institutional investors. For a publicly mandated entity, pursuing new transactions with a partner whose leadership is associated with a case of international criminal and media significance may raise governance concerns. Freezing new commitments, without proceeding to immediate divestment, allows the fund to preserve the stability of strategic infrastructure assets while maintaining a cautious stance.
For DP World, one of the world’s leading container terminal operators, the decision signals that the repercussions of the Epstein files extend beyond the US judicial sphere and are affecting long-standing financial partnerships. In a sector characterised by multi-billion-euro investments and concession horizons spanning decades, continued backing from low-risk-profile institutional capital is critical to support expansion and infrastructure upgrades.
It remains to be seen whether other investors will adopt similar measures or await further developments. The full publication of the documents by US authorities and sustained international media scrutiny continue to put pressure on the Emirati group and its partners. For the Canadian port system and logistics operators reliant on the terminals concerned, the operational impact appears limited for now, but the case opens a phase of reassessment of governance implications in major infrastructure alliances.
M.L.
