Authorities in the US State of Philadelphia had seized 20 tons of cocaine from a vessel in June this year. The ship is owned by a fund run by Mega Bank JP Morgan Chase according to a CNN Business report.
The report claims that a source close to the situation informed CNN on Wednesday that the ship ,MSC Gayane, is part of a transportation strategy fund run for the bank’s asset management unit.
The report further explains that this means JP Morgan Chase had no operational management of the Vessel which is run by the Swiss-based Mediterranean Shipping Company.
JP Morgan Chase is the largest bank in the US and the world’s sixth largest bank according to S&P global.