Two men have been charged in Sydney and about 500 kilograms of cocaine seized in the Solomon Islands in an international drug probe.
A joint investigation involving Australian, Solomon Islands and US officials ended on Thursday when the cache of drugs - of a magnitude not seen before by the South Pacific nation, was discovered concealed inside the hull of a Belgian- registered, 44-foot yacht moored in Honiara.
The Australian Federal Police allege the large vessel travelled from South America across the Pacific Ocean, and the syndicate behind the cocaine haul was arranging another "handover" at sea before venturing to Sydney.
Two Australian citizens were arrested over their alleged involvement in the planned importation and were refused bail when they faced Sydney's Central Local Court on Friday.
A 41-year-old man from Wahroonga has been charged with knowingly dealing in money or other property which is an instrument of crime valued at greater than $50,000, and conspiracy to import commercial quantity of border-controlled drugs, which carries a maximum penalty of life behind bars.
"He's a senior figure within a group of which he is one of, if not, the head," AFP Detective Superintendent Ben McQuillan told reporters in Sydney on Saturday.
"In relation to the large-scale importation of narcotics, this person has been looked at for quite some time."
A 39-year-old man from Bonnyrigg Heights is also facing one count of dealing with an instrument of crime.
"We're still yet to completely weigh the seizure and to analyse it but I think I'd be comfortable in saying probably a street value of between $200 to 300 million would be a reasonable estimate," Det Sup McQuillan said.
It is the largest major organised crime probe undertaken by AFP with the Royal Solomon Islands Police Force.
"It's certainly a seizure which ... the magnitude has not been seen previously in that part of the world," Det Sup McQuillan said.
He said upwards of eight tonnes of cocaine has now been seized in similar circumstances since February 2016, "most of which, if not all of which, we believe was destined for Australia".
