Thursday, July 18, 2019

$1b worth of cocaine found on a ship owned by JPMorgan - Update

A ship owned by JP Morgan and operated by Mediterranean Shipping Company was released on Friday, weeks after it was seized in a drug bust that found 20 tons of cocaine. JP Morgan’s asset management arm, which owns the ship, and MSC together paid $50 million in cash and a surety bond to secure its temporary release.

For Mediterranean Shipping Company it was at least the third huge drug bust this year.

The container ship MSC Gayane, financed by JPMorgan, was seized by US customs officials after authorities found nearly 18 tons of cocaine with an estimated street value of $1.3b on the vessel. The roughly 39,500 pounds, or 17.9 metric tons of cocaine is about the same weight as three African bull elephants.

The MSC Gayane sailed under the flag of Liberia. It is a popular transit route for smugglers between South America and Europe because of its porous borders.
In May 2018 Algerian officials seized more than 1,500 pounds of cocaine on a Liberian-registered container ship from Brazil. In February of this year, Cape Verde officials found 21,000 pounds of cocaine, with a street value north of $700m, on a Panamanian-flagged vessel. A month later, authorities in Guinea-Bissau notched their biggest-ever cocaine bust when they discovered more than 1,700 pounds of the drug.
See ----->15,000 kg cocaine seized in 2nd largest U.S. bust