Massive cocaine bust in Port Elizabeth

Cocaine with a street value of about R1.4bn, was seized in an "unusual" container at the Ngqura harbour in Port Elizabeth on Wednesday, police said.

"The container was unusual in that it looked like a petrol tank and had a construction with pillars holding it together," police spokesperson Captain Sandra van Rensburg said.

"Inside the container we found 22 000 litres of oil and inside the pillars, the cocaine was hidden."

Police were still trying to establish the amount of drugs in the container. By late on Wednesday afternoon, they weighed out about 100kg, with an estimated street value of about R1.4bn.

Police suspect there was about 250kg of "pure cocaine".

"Right now, we still need to pump oil out of the container to see if there are more pillars inside," said Van Rensburg.

No arrests had been made yet. (from News24)

How was the figure of R1.4billion was reached? If you divide that by the price of cocaine per kilogram (R350000) you get to 4000kgs!!! IF it is pure cocaine it can be cut into three for sale and the total drug amount is 750kg's at R350000/kg which only amounts to R262million. Either way there is some funny SAPS maths going on.

The police are highly premature in announcing their "find" before they have made any arrests. Perhaps they got all "chatty" once they had handled and played with 100 kg's of cocaine and they just couldn't keep it IN any more.