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Cargo Ship Owned by JPMorgan Chase Seized After 20 TONS of Cocaine Found Onboard

The MSC Gayane, which is owned by J.P. Morgan Asset Management and chartered to MSC, is subject to possible forfeiture.

Cargo Ship Owned by JPMorgan Chase Seized After 20 TONS of Cocaine Found Onboard 1 DOMINICK REUTER/AGENCE FRANCE-PRESSE/GETTY IMAGES

Authorities in Philadelphia seized a large cargo vessel last month that was carrying nearly 20 tons of cocaine on board. The ship, as it turns out, is owned by a fund run by banking colossus JPMorgan Chase.

A source close to the seizure 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.

I’m not sure what my investigative senses make of this at the moment, but it does not look good for whoever was in charge of this JPMorgan Chase container ship. In fact, maybe we should start by asking why JPMorgan Chase (bank) has cargo ships?

Source: KFOR.com