Complete Summary: The Brookfield/Epstein/Dubai Triangle
Executive Summary
The documents reveal a
complex triangular relationship connecting Jeffrey Epstein, Brookfield Asset Management, and Dubai entities through
Sultan Bin Sulayem, Chairman of Dubai World and DP World. While
no direct joint investments between Epstein and Brookfield were found, the evidence shows Epstein served as a
privileged information conduit between Dubai leadership and international financial networks, with Brookfield's Dubai investments being a key focus of this information flow.
Key Players and Their Roles
1. Sultan Bin Sulayem - The Dubai Connection
- Chairman of Dubai World and DP World Limited [, ]
- Director of Investment Corporation of Dubai (ICD) until 2010 []
- Key relationship: Had direct email communications with Jeffrey Epstein regarding business matters [, , ]
- Role: Primary source of Dubai investment information for Epstein
2. Jeffrey Epstein - The Information Conduit
- Positioned himself as financial intermediary between Middle Eastern interests and Western institutions
- Received privileged information about Dubai investments from Sultan Bin Sulayem
- Had JPMorgan relationship through advisor Paul Barrett for executing complex derivatives
- No evidence of direct investments in Brookfield's Dubai ventures
3. Brookfield Asset Management - The Investment Vehicle
- Canadian global asset manager with interests in property and infrastructure
- 2,000 staff in Dubai through construction arm Brookfield Multiplex [, ]
- Active in Dubai real estate through partnership with Investment Corporation of Dubai
Critical Timeline and Evidence
October 26, 2011: The $1 Billion Fund Announcement
- Sultan Bin Sulayem forwarded email to Epstein about "Dubai's ICD, Brookfield to launch $1bn real estate fund" [, , ]
- Key details:
- $1 billion fund capped, with ICD and Brookfield each seeding $100 million
- First 'Dubai-only' investment fund sponsored by leading international investor
- 8-10 year investment horizon targeting Dubai real estate recovery
- Limited number of local/international parties invited to invest
- Brookfield planned to relocate employees to Dubai to oversee the fund []
November 7, 2011: Dual Information Flow
Morning (Dubai Time):
- Sultan Bin Sulayem forwarded information showing Brookfield among leading international investors in DPW shares in London []
- List included: Pictet Asset Management, National Bank of Australia, Brown Brothers Harriman, First State Investments, Alliance Bernstein, and Brookfield Asset Management
Afternoon (New York Time):
- Paul Barrett (JPMorgan) emailed Epstein proposing a $10 million Total Return Swap (TRS) on DPW "out of the Dubai exchange" []
- Also proposed: 1 million share total return swap on DPW being explored by JPMorgan's desk
- Timing coincidence: Same day Epstein received DPW investor information from Sultan Bin Sulayem
The Financial Architecture
Investment Corporation of Dubai (ICD)
- State-controlled company with $70 billion in assets []
- Portfolio includes: Emirates airline, Emirates NBD bank, Emaar Properties, Borse Dubai
- Partnered with Brookfield on the $1 billion real estate fund
JPMorgan's Role
- Paul Barrett, Managing Director in Global Investment Opportunities Group, served as Epstein's swaps advisor
- Managed substantial derivatives for Epstein including Goldman Sachs TRS, interest rate swaps, currency forwards
- Proposed DPW derivatives shortly after Epstein received insider information about DPW share ownership
Dubai World/DP World Structure
- DP World is majority-owned by Dubai World conglomerate
- Dubai World subsidiaries: DP World, Istithmar World, Nakheel, World Retail Corp, DW Travel
- Financial troubles: $60 billion in liabilities, Abu Dhabi bailout of $10 billion, 15% workforce reduction [, ]
What the Documents Show vs. What's Missing
Documented Evidence:
- Information sharing from Sultan Bin Sulayem to Epstein about Brookfield's Dubai investments
- JPMorgan's willingness to create DPW derivatives for Epstein
- Brookfield's substantial Dubai presence (2,000 employees through Multiplex)
- Epstein's sophisticated derivatives portfolio managed by JPMorgan
Missing Evidence:
- No direct communications between Epstein and Brookfield executives
- No evidence Epstein invested in the ICD-Brookfield $1 billion fund
- No confirmation Epstein executed the DPW TRS proposed by Paul Barrett
- No financial transactions between Epstein and Brookfield entities
- No post-2011 communications about these investment opportunities
The Suspicious Patterns
1. Information Asymmetry
- Epstein received insider information about DPW share ownership and Brookfield investments
- JPMorgan proposed derivatives on the same assets Epstein had insider knowledge about
- Potential regulatory issues: Trading on non-public information
2. Epstein's Uncharacteristic Silence
- Epstein typically responded quickly to investment opportunities from Barrett ("yes", "ok", "talk tomorrow")
- No documented response to the DPW swap proposal or Brookfield fund information
- Possible explanation: Off-channel communications or in-person discussions
3. The Dubai Financial Crisis Context
- Timing: Communications occurred during Dubai's post-2008 financial crisis
- Brookfield/ICD fund targeted "battered real estate market" recovery
- DPW shares likely depressed, creating potential arbitrage opportunities
4. Epstein's Middle East Network Building
- Parallel to JPMorgan relationship: Epstein previously facilitated meetings between Sultan Bin Sulayem and JPMorgan's Jes Staley []
- Strategic advice: Epstein advised on "China buying Dubai World Ports" in 2009 []
- Foundation discussions: Epstein discussed creating "the largest foundation in the world" with Middle Eastern connections []
Conclusion: The Nature of the Triangle
The Brookfield/Epstein/Dubai triangle represents
information privilege rather than direct financial partnership. Epstein positioned himself as a
key node connecting:
- Dubai leadership (Sultan Bin Sulayem) seeking international investment
- Western financial institutions (JPMorgan) seeking Middle East opportunities
- Global asset managers (Brookfield) expanding in Dubai
While
no smoking gun shows Epstein investing alongside Brookfield in Dubai, the documents reveal a
pattern of privileged information flow that could have enabled Epstein to:
- Advise clients on Dubai investment opportunities
- Position derivatives based on insider knowledge
- Build his reputation as Middle East financial intermediary
The most significant finding: The
same day Epstein received information about Brookfield's DPW share ownership from Sultan Bin Sulayem, his JPMorgan advisor proposed creating DPW derivatives for him. This
temporal coincidence suggests Epstein may have used Dubai insider information to inform his derivatives trading strategies through JPMorgan.