Shipping company acquires MV Matthew for $1
The Irish Revenue agency has transferred the seized drug-smuggling vessel MV Matthew to a new owner for a nominal fee of $1. The ship, which was involved in a record-breaking cocaine seizure in 2023, had been a significant financial burden for the state during its long detention for legal and regulatory purposes.
Why it matters
This resolution marks the end of a complex legal and logistical operation involving international maritime law and organized crime enforcement.
A seized drug-smuggling cargo ship which cost the State millions to store was transferred to a company for a "nominal" fee of $1, Revenue has said.
The MV Matthew was detained in September 2023 as part of an operation which led to the largest seizure of cocaine in Irish history - 2.2 tonnes or 157 million
Revenue detained the vessel and seized the cocaine while An Garda S och na arrested six of the crew and two men who crewed the "daughter vessel", the Castlemore, which sank off the coast of Wexford.
They were found guilty at the Central Criminal Court and sentenced on July 4 2025 to terms of imprisonment ranging from 13-and-a-half years to 20 years.
The Army Ranger Wing was also involved in the operation.
Revenue said detaining the vessel was "without precedent" in Ireland, adding that it had "significantly disrupted the activities of organised crime gangs".
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