Ship seized in $1.3 billion cocaine bust belongs to JP Morgan Chase

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PHILADELPHIA, PA. (CNN) — Authorities in Philadelphia seized a JP Morgan Chase owned cargo vessel with reportedly 20 tons of cocaine on board.

The banking company does not have operational control of the MSC Gayane which is run by the Swiss-based Mediterranean shiping company.

Law enforcement agents boarded the ship in June and discovered the cocaine, the amount worth almost $1.3 billion.

The bank has yet to comment.

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