Officials Find $330M Worth of Cocaine on Yacht

1,650 pounds of cocaine was on the yacht

   

Officials Find $330M Worth of Cocaine on Yacht

U.S. and Australian officials announced on Friday that they had discovered 1,650 pounds of cocaine hidden in a yacht’s engine compartment.

The cocaine was found on Monday in Port Vila, Vanuatu with the help of local authorities. The cocaine was part of a drug trade that uses yachts to deliver drugs from South America to Australia. The drugs were wrapped in black plastic and were estimated to be worth $330 million. There haven’t been any arrest yet, but the investigation is still ongoing. Officials have seized almost two tons of cocaine destined for Australia since 2010, reports the Associated Press.

Australian Federal Police assistant commissioner Ramzi Jabbour estimates that 750,000 individual drug deals have been stopped because of the find.

“Organized crime syndicates should know that we are prepared, willing and able to combine our skills, resources and efforts to target them,” David Cali, U.S. Drug Enforcement Administration Senior Attache, told the Associated Press.


Article printed from InvestorPlace Media, http://investorplace.com/2013/08/officials-find-330m-worth-of-cocaine-on-yacht/.

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