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New York (CNN Business) — US authorities in Philadelphia seized a cargo vessel in June with nearly 20 tons of cocaine on board. The ship, as it turns out, is owned by a fund run by banking giant JPMorgan Chase.
A source close to the situation said on Wednesday that the ship, the MSC Gayane, is part of a transportation strategy fund run for the bank’s asset management unit.
The article goes on to state the following:
That means JPMorgan Chase (JPM) does not have any operational control of the vessel, a Liberian-flagged ship that is run by the Swiss-based Mediterranean Shipping Company. The bank had no comment.
SF Gate reports:
“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 nearly 20 tons of 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.
Law enforcement agents boarded the vessel and found the cocaine, which is said to have a street value of about $1.3 billion https://t.co/4CeiiDx5m0
— CNN (@CNN) July 10, 2019
US authorities seize a ship owned by JP Morgan Asset Management after finding 20 tonnes of cocaine on it with a street value of $1.3bn https://t.co/dXCzwc9G6K
— Matthew Garrahan (@MattGarrahan) July 9, 2019
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