In one of many largest drug busts in U.S. historical past, federal authorities in Philadelphia seized practically 20 tons of cocaine—worth about $1 billion— last month from a ship owned by JP Morgan’s asset management arm.
JP Morgan didn’t instantly reply to a request for remark from Forbes.
U.S. Lawyer William McSwain mentioned in a tweet that the sheer quantity of cocaine may have killed “hundreds of thousands” of individuals. A federal criminal investigation into the alleged smuggling working is ongoing.
“This is among the largest drug seizures in the United States historical past. This quantity of cocaine may kill hundreds of thousands – MILLIONS – of individuals. My Workplace is dedicated to keeping our borders safe, and streets secure from deadly narcotics,” the tweet reads.
This isn’t the primary time MSC has experienced issues with drug trafficking aboard its ships. Earlier this year, authorities in Philadelphia found 13 massive black duffel bags with a combined 450 bricks of cocaine being shipped in certainly one of MSC’s shipping containers.
“Sadly, delivery and logistics firms are every now and then affected by trafficking issues. MSC has a historical past of cooperating with U.S. federal legislation enforcement companies to assist disrupt illegal narcotics trafficking and works carefully with U.S. Customs and Border Protection (CBP),” the company stated in a statement.