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WorldUS Customs just seized a ship owned by JPMorgan after authorities found $1 billion worth of drugs on it

00:19  10 july  2019
00:19  10 july  2019 Source:   msn.com

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US Customs and Border Protection seized the ship on July 4, a statement out Monday said. The ship is owned by client assets in a maritime strategy offered by JPMorgan Asset Management, according to a person familiar with the matter. It is operated by the Switzerland-based MSC.

US customs officials seized a container ship financed by JPMorgan this week after authorities found nearly 18 tons of cocaine with an The sheer quantity of cocaine it was carrying, its links to JPMorgan , its presence in the US , and the recent string of West African drug busts are worth noting.

US Customs just seized a ship owned by JPMorgan after authorities found $1 billion worth of drugs on it© AP Photo/Matt Rourke

Federal prosecutors in Philadelphia have seized a container ship operated by the Mediterranean Shipping Co, weeks after authorities found more than $US1 billion ($AU1.4 billion) worth of cocaine on the vessel in what was one of the largest drug busts in American history.

US Customs just seized a ship owned by JPMorgan after authorities found $1 billion worth of drugs on it
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US Customs and Border Protection seized the ship on July 4, a statement out Monday said. The ship is owned by client assets in a maritime strategy offered by JPMorgan Asset Management, according to a person familiar with the matter. It is operated by the Switzerland-based MSC.

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Cranes unload the freight ship MSC Gayane, after US authorities seized more than 16 tons of Police stand guard over cocaine seized from the ship . JP Morgan is not understood to have any Officials at first seized just the drugs but it was announced Monday a warrant had been issued on

The smugglers probably paid off authorities , and US officials potentially blew their chance to catch them by seizing the drugs in Philadelphia. An estimated $ 1 billion worth of cocaine was recently found on the MSC Gayane, a container ship operated by Mediterranean Shipping Co. and owned

On June 18, CBP agents found 39,525 pounds (18 tonnes) of cocaine stashed in several containers on the MSC Gayane at the Philadelphia seaport. The street value of the drugs was estimated at about $US1.3 billion ($AU1.8 billion), making it the largest cocaine seizure by the agency.

"A seizure of a vessel this massive is complicated and unprecedented - but it is appropriate because the circumstances here are also unprecedented," said US Attorney William McSwain. "We found cocaine hidden on this ship."

At least a half a dozen crew members have been arrested, according to Homeland Security Investigations, and the investigation is ongoing. Charges included conspiracy to possess cocaine aboard a ship.

The Gayane sailed under the flag of Liberia and had previously traveled through the Bahamas and several South American countries, according to an online ship tracker.

JPMorgan declined to comment. Mediterranean Shipping Co. did not immediately respond to an email inquiry.

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