A container ship that was seized with 20 tons of cocaine in Philadelphia was released by U.S. authorities after the operator posted a $50 million bond.
The release of the MSC Gayane, owned by J.P. Morgan Asset Management and chartered to Mediterranean Shipping Co., means the ship can resume commercial operations after being held at the Port of Philadelphia for nearly a month.
Newsletter Sign-up The ship, which is worth around $90 million, is still subject to possible forfeiture if the probe links senior crew members with the cocaine haul, people with knowledge of the matter said. “MSC has arranged the payments, and the ship, plus 16 crew that had not been charged, were let go,” a person involved in the matter said. “The federal government is still building a forfeiture case, but the $50 million was deemed enough to let the Gayane go for now.”
The ship was making its only stop in the U.S. at the time of the raid after starting its journey in Chile and stopping in Peru, Panama and the Bahamas on its way to Europe.
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