Cargo ship owned by JPMorgan Chase seized by US with 20 tons of cocaine

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    Cool Cargo ship owned by JPMorgan Chase seized by US with 20 tons of cocaine

    Cargo ship owned by JPMorgan Chase seized by US with 20 tons of cocaine

    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.

    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.
    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.

    Source: https://www.cnn.com/2019/07/10/busin...caine-seizure/
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    I wonder what they'll do with the ship
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