The Associated Press - Panamanian authorities say they have seized 6 tons of cocaine on three boats off a Pacific island. Prosecutor Edwin Guardia says it is the biggest drug seizure this year in Panama. The country is a key transit point for drug trafficking from Colombia to the United States and Europe. Security forces found the cocaine in 273 packets Monday on board three boats off Coiba island. Police were searching for 15 people who escaped the raid. Guardia said Wednesday the cocaine was believed to be worth $137 million. (What?)
Editor's Comment: One short ton contains about 907 kilograms. Therefore, there were about 5,442 kilos in this bust. At a street value of $25,000 per kilo, the value of this bust is (yup, right on) about $136 million. Hey, good for them. That's the first time they got it right. When I first looked at the number it looked short. Panamanians have a tendency to under report the value of the drugs they bust, because down here a kilo is only worth about $1,500 dollars. So, the drug smugglers paid about $8.1 million wholesale, and that's the number Panamanian officials usually report.
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