Topline: In one of many largest drug busts in U.S. historical past, federal authorities in Philadelphia seized practically 20 tons of cocaine—price about $1 billion— final month from a ship owned by JP Morgan’s asset administration arm.
- 19.76 tons of cocaine (an estimated road worth of $1.three billion, in accordance with Business Insider) have been seized from the ship when it arrived at Packer Marine Terminal in Philadelphia on June 17.
- The ship, known as MSC Gayne, is operated by Switzerland-based Mediterranean Shipping Company, but it surely was financed by a transportation technique fund run by JP Morgan’s asset administration arm, CNN Business reported.
- Six crew members aboard MSC Gayane have been arrested charged with knowingly and deliberately conspiring to own greater than 5 kilograms of cocaine, the Justice Department mentioned in an announcement.
- The ship was flying underneath the flag of Liberia, a rustic in West Africa, in accordance with on-line vessel monitoring web site MarineSite visitors.
JP Morgan didn’t instantly reply to a request for remark from Forbes.
U.S. Attorney William McSwain mentioned in a tweet that the sheer quantity of cocaine might have killed “millions” of individuals. A federal prison investigation into the alleged smuggling working is ongoing.
“This is one of the largest drug seizures in United States history. This amount of cocaine could kill millions – MILLIONS – of people. My Office is committed to keeping our borders secure and streets safe from deadly narcotics,” the tweet reads.
This isn’t the primary time MSC has skilled issues with drug trafficking aboard its ships. Earlier this yr, authorities in Philadelphia discovered 13 giant black duffel baggage with a mixed 450 bricks of cocaine being shipped in one among MSC’s transport containers.
“Unfortunately, shipping and logistics companies are from time to time affected by trafficking problems. MSC has a longstanding history of cooperating with U.S. federal law enforcement agencies to help disrupt illegal narcotics trafficking and works closely with U.S. Customs and Border Protection (CBP),” the corporate mentioned in an announcement.