US authorities seize 20 tons of cocaine on a ship owned by JP Morgan

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Topline: In one of the largest drug busts in US history, the Philadelphia federal authorities grasped Nearly 20 tons of cocaine – valued at about $ 1 billion – last month from a ship owned by JP Morgan's asset management arm.

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• 19.76 tonnes of cocaine (street value estimated at $ 1.3 billion, depending on Internal business) were seized on board the vessel upon arrival at the Packer Marine Terminal in Philadelphia on June 17.

• The vessel, called MSC Gayne, is operated by the Swiss-based Mediterranean Shipping Company, but was financed by a strategic transport fund, managed by JP Morgan's asset management arm. CNN Business reported.

• Six crew members aboard MSC Gayane were arrested on charges of knowingly and knowingly conspiring to possess more than five kilograms of cocaine, the Justice Department said in a statement. declaration.

• The vessel was flying Liberian flag, a country in West Africa, according to a website tracking ships online MarineTraffic.

JP Morgan did not immediately respond to a request for comment from Forbes.

US lawyer William McSwain said in a tweet that the mere amount of cocaine could have killed "millions" of people. A federal criminal investigation into alleged contraband activity is underway.

"This is one of the largest drug seizures in US history. This amount of cocaine could kill millions – millions of people. My office is committed to keeping our borders and streets safe from deadly narcotics, "reads the tweet.

This is not the first time that MSC has problems with drug trafficking aboard its ships. Earlier this year, Philadelphia authorities found 13 large black duffle bags containing 450 bricks of cocaine are shipped in one of the MSC shipping containers.

"Unfortunately, transport and logistics companies are sometimes affected by traffic problems. MSC has long cooperated with US federal forces to help stop drug trafficking and is working closely with US Customs and Border Protection (CBP), "the company said in a statement. declaration.

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Topline: In one of the largest drug smuggling cases in US history, Philadelphia's federal authorities seized nearly 20 tonnes of cocaine worth about $ 1 billion last month from the United States. a ship owned by JP Morgan's asset management division.

• 19.76 tonnes of cocaine (street value estimated at $ 1.3 billion, depending on Internal business) were seized on board the vessel upon arrival at the Packer Marine Terminal in Philadelphia on June 17.

• The vessel, called MSC Gayne, is operated by the Swiss-based Mediterranean Shipping Company, but was financed by a strategic transport fund, managed by JP Morgan's asset management arm. CNN Business reported.

• Six crew members aboard the MSC Gayane were arrested on charges of intentionally and knowingly conspiring to possess more than five kilograms of cocaine, the Justice Department said in a statement.

• The vessel was flying Liberian flag, a country in West Africa, according to the MarineTraffic online vessel tracking website.

JP Morgan did not immediately respond to a request for comment from Forbes.

US lawyer William McSwain said in a tweet that the mere amount of cocaine could have killed "millions" of people. A federal criminal investigation into alleged contraband activity is underway.

"This is one of the largest drug seizures in US history. This amount of cocaine could kill millions – millions of people. My office is committed to keeping our borders and streets safe from deadly narcotics, "reads the tweet.

This is not the first time that MSC has problems with drug trafficking aboard its ships. Earlier this year, the Philadelphia authorities found 13 large black duffle bags containing 450 bricks of cocaine combined in one of the MSC's shipping containers.

"Unfortunately, transport and logistics companies are sometimes affected by traffic problems. MSC has a long history of working with US federal law enforcement to fight illicit drug trafficking and is working closely with US Customs and Border Protection (CBP), "the company said in a statement.