A cargo ship that was seized last month with nearly 20 tons of cocaine on board — with an estimated street value of $1.3 billion — belongs to JP Morgan Chase, a source familiar with the situation confirmed to CBS News. U.S. Customs and Border Protection said this was the largest vessel ever seized in the agency’s 230-year history.
The ship, the MSC Gayane, is owned by JP Morgan Asset Management clients through a transportation fund managed by the bank, a source said. JP Morgan leased the ship to Mediterranean Shipping Co., a Switzerland-based shipping company, which is solely responsible for the vessel’s crews and operations.