Law enforcement agents boarded the vessel and found the cocaine, which is said to have a street value of about $1.3 billion
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. That means JPMorgan Chase 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.Law enforcement agents boarded the MSC Gayane on June 17 and found the cocaine, which is said to have a street value of about $1.3 billion.
The MSC Gayane was seized by the US Customs and Border Protection agency after 20 tons of cocaine were found.Mediterranean Shipping Company said in a statement on June 18 that"unfortunately, shipping and logistics companies are from time to time affected by trafficking problems. MSC has a longstanding history of cooperating with U.S. federal law enforcement agencies to help disrupt illegal narcotics trafficking.
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