The MSC Gayne change into flying below the Liberian flag. (DOMINICK REUTER/AFP/Getty Pictures)

    AFP/Getty Pictures

    Topline: In one in every of the fantastic drug busts in U.S. historic previous, federal authorities in Philadelphia seized almost 20 thousands cocaine—value about $1 billion— final month from a ship owned by JP Morgan’s asset administration arm.

     

    • 19.seventy six thousands cocaine (an estimated road value of $1.three billion, based totally onAlternate Insider) had been seized from the ship when it arrived at Packer Marine Terminal in Philadelphia on June 17.
    • The ship, called MSC Gayne, is operated by Switzerland-based mostly Mediterranean Shipping Firm, however it change into financed by a transportation technique fund flee by JP Morgan’s asset administration arm,CNN Alternatereported.

    • Six crew contributors aboard MSC Gayane had been arrested charged with knowingly and intentionally conspiring to bear extra than five kilograms of cocaine, the Justice Department acknowledged in an announcement.

    • The ship change into flying below the flag of Liberia, a rustic in West Africa, based totally on on-line vessel monitoring net situation MarineTraffic.

    JP Morgan did no longer straight reply to a question for train fromForbes.

    U.S. Prison professional William McSwain acknowledged in a tweet that the sheer quantity of cocaine will own killed “1000’s and 1000’s” of oldsters. A federal prison investigation into the alleged smuggling working is ongoing.

    “Right here is one in every of the fantastic drug seizures in United States historic previous. This quantity of cocaine would possibly presumably well well waste 1000’s and 1000’s – MILLIONS – of oldsters. My Place of work is devoted to conserving our borders stable and streets stable from deadly narcotics,” the tweet reads.

    This isn’t the first time MSC has skilled considerations with drug trafficking aboard its ships. Earlier this 12 months, authorities in Philadelphia found thirteen huge dim duffel bags with a blended 450 bricks of cocaine being shipped in one in every of MSC’s shipping containers.

    “Sadly, shipping and logistics corporations are every so step by step plagued by trafficking considerations. MSC has a longstanding historic previous of cooperating with U.S. federal legislation enforcement businesses to support disrupt unlawful narcotics trafficking and works closely with U.S. Customs and Border Protection (CBP),” the firm acknowledged in

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