DP World, parent company of P&O Ferries, has postponed a £1 billion investment announcement following Transport Secretary Louise Haigh's criticism of the company. The government is now facing consequences as ministers learn that criticism can have real-world impact.
CEO Sultan Ahmed bin Sulayem will still attend the summit despite the comments made by Transport Secretary Louise Haighsaid the company was a “cowboy operator”, telling ITV News on Wednesday: “We’re cracking down on the way they treated employees, and we want to see them mirror the standards of other operators that come in and out of Great Britain’s waters.”
P&O Ferries’ parent company, DP World, which had been set to announce a £1 billion deal to expand its London Gateway container port on Monday, signalled the deal is in jeopardy, and postponed its £1bn investment announcement following the comments made by Haigh.The shelving of the deal comes at a crucial time for the government, which has made growth and foreign direct investment central to its policy plans.
Big names like Eric Schmidt, the former chief executive of Google, Larry Fink, the chief executive of BlackRock and Ruth Porat, the chief executive of the Canadian investment firm Brookfield Asset Management are expected.While the CEO of DP World, Sultan Ahmed bin Sulayem will still attend the summit despite Ms Haigh’s comments, according to the, at least one other billionaire investor who had been due to attend has pulled out, and others are reconsidering their options.
Then prime minister Boris Johnson, accused P&O Ferries of breaking the law and said that it risked facing an unlimited fine, before changing his position on the illegality of the practice.
P&O Ferries DP World Investment Deal Transport Secretary Criticism
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