US seizes ship owned by JPMorgan Chase with 20-tons of cocaine on board

In June, U.S. authorities in Philadelphia seized a cargo vessel owned by JPMorgan Chase with almost 20-tons of cocaine on board. 

According to CNN, the ship is part of a transportation strategy fund run by the bank’s asset management unit, which means they have no operational control of the vessel.  

In June, authorities only seized the drugs but on Monday United States Customs and Border Protection took custody of the ship itself.

The ship is operated by Swiss-based Mediterranean Shipping Company.  

The cocaine on board has a street value of $1.3 billion.