Nigeria, July 12 -- Federal authorities in Philadelphia, United States, seized nearly 20 tons of cocaine worth about $1 billion from a ship reportedly owned by JP Morgan's asset management arm.

The development is said to be one of the largest drug busts in U.S. history.

Although the ship, named MSC Gayane, is operated by Switzerland-based Mediterranean Shipping Company (MSC), it was financed by a transportation strategy fund run by JP Morgan's asset management arm.

A statement by the US Justice Department said six crew members aboard the ship have been arrested and charged with knowingly and intentionally conspiring to possess more than five kilograms of cocaine.

Details have also emerged showing that the ship is leased out to MSC.

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