REPORT: Cargo ship owned by JPMorgan Chase seized by US with 20 tons of cocaine
As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by CNN.com:
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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