WITH PRESSURE NOW building up against Emirates DP World globally because of its head’s ties with controversial billionaire sex peddler Jeffrey Epstein, it would seem like the country’s sovereign wealth fund committed a grave blunder in acquiring DP World’s majority share in the Asian Terminal Inc., its local partner.
The issue is landing at a sensitive moment for Philippine markets because DP World is a major shareholder of Asian Terminals Inc. (ATI), a key operator in Philippine port logistics, and ATI is moving toward a voluntary delisting from the Philippine Stock Exchange.
ATI and Maharlika Investment Corp. (MIC) are now in the middle of a tender offer running up to March 3 to buy up to 191.44 million shares at P36 per share, as part of ATI’s planned delisting supported by an independent fairness opinion, reported Bilyonaryo.
ATI wants to leave the stock market, and critics say that is a problem because once it is delisted, the company will no longer be forced to keep the public updated the way listed firms are. Less disclosure means less visibility.
For a business that runs major gateways like Manila South Harbor and other key ports, many are inclined to believe that such would translate less questions and fewer documents.
PUBLIC FUNDS
The bigger issue is Maharlika showing up with billions in public money just as ATI’s private owners, including Yosi Tanco and Jun Palafox, are trying to take it private.
Critics see it as the government helping rich, powerful shareholders cash out the public float, while taxpayers take on the risk. Maharlika may get a small stake and a board seat, but it will not control the company, and returns are not guaranteed.
If the owners are already billionaires with deep pockets, why are ordinary Filipinos being asked to help pay the bill?
For Filipino investors and government officials watching ATI’s delisting and Maharlika’s buy-in, the DP World controversy abroad boils down to: when a major owner is under a global spotlight, expect tougher questions here too.
And because Maharlika is using public money to buy stakes in a company tied to a key Philippine port, the deal could face even more scrutiny from Congress, regulators, and the public.
CONGRESSIONAL PROBE
Already, the Senate and the House of Representatives are pushing for separate investigations into alleged Philippine-based operations mentioned in documents linked to the late convicted sex offender Jeffrey Epstein.
Senator Loren Legarda filed Senate Resolution 300, calling on government agencies to ensure that Philippine institutions and digital platforms are not used to conceal or enable criminal activities.
At the lower legislative chamber, Gabriela partylist Rep. Sarah Elago, ACT Teachers Rep. Antonio Tinio, and Kabataan Rep. Renee Co filed House Resolution 762 seeking a similar inquiry.
Lawmakers cited information from documents released by the US Department of Justice, which allegedly indicate that a Philippine-based outfit may have helped manage Epstein’s online reputation through search engine optimization and other digital strategies.
The resolutions seek to determine whether any Filipino individuals or entities were involved and to ensure accountability if laws were violated.
ATI is currently DP World’s local partner in the Philippines. It operates Manila South Harbor, the Integrated Batangas Port, Cavite Barge Terminal, and strategic inland logistics terminals, ATI said on its website.
CONNECTED TO EPSTEIN
On May 5, 2025, DP World and ATI invested about $100 million in projects that included extending Pier 3’s berth to more than 600 meters, expanding the yard to accommodate 20,000 twenty-foot equivalent units (TEUs), as well as adding two new Ship-to-Shore cranes and purchasing eco-friendly landside equipment.
The company website says DP World operates ports and terminals, logistics, economic zones and marine services in 79 countries.
MIC, created under Republic Act (RA) No. 11954, or the Maharlika Fund Act, serves as the primary vehicle for utilizing the Philippines’ sovereign wealth fund. Its seed capital comes from state banks and government corporations.
The name of Sultan Ahmed bin Sulayem, chairman and chief executive of DP World, surfaced in the newly-released US Justice Department files linked to Epstein.
The UK development finance agency and Canada’s second-largest pension fund have suspended new investment with global ports operator DP World over alleged ties between its chief executive and Epstein, raising pressure on the Dubai-based firm.
DB WORLD’S SULAYEM
‘We are shocked!’ Investors pulled back as DP World chief Sulayem, named in Epstein files, raising fresh questions for Maharlika’s bailout of ATI’s Emirati owner, screamed Bilyonaryo’s headline based on the story of BII.
Members of the U.S. Congress said Sulayem’s name appeared in the files, prompting renewed scrutiny of his past interactions with Epstein, a convicted sex offender.
The documents, some of millions published by the U.S. Department of Justice and showing Epstein’s web of relationships with prominent people in politics, finance, academia and business, suggest a close relationship between the two men for more than a decade after Epstein’s conviction in 2008 on prostitution charges involving an underage girl.
DP World declined to comment, while Bin Sulayem did not immediately respond to a request for comment sent to his LinkedIn account.
The UK development finance agency, British International Investment, said that it had paused new investments with DP World.
“We are shocked by the allegations emerging in the Epstein files regarding Sultan Ahmed bin Sulayem,” said a spokesperson for BII, which invests alongside DP World in four ports in Africa.
CEASING RELATIONSHIP
“In light of the allegations, we will not be making any new investments with DP World until the required actions have been taken by the company.”
Canadian pension fund La Caisse said in a statement it was “pausing additional capital deployment alongside the company” until DP World clarified the situation and took “the necessary actions”.
Bin Sulayem, one of Dubai’s most influential businessmen, has led DP World through an expansion that has seen the company turn into one of the world’s largest logistics companies.
It says it handles around 10% of global trade, with operations spanning across the globe, including in Canada, Peru, and India among others.