Search teams looking for a man believed to have been missing from a rigid inflatable boat off the west Cork coast have found 50 packages of cocaine believed to be part of a €50 million shipment.
One man was arrested after being released from Bantry General Hospital where he was taken for treatment for hypothermia after being rescued from the sea. A second man, also suffering from hypothermia, remains in a stable condition hospital.
A Coast Guard spokeswoman said the search for the third man was called off after consultations with gardaí. It is understood gardaí are satisified there were only two men aboard the dinghy when it sank 1.6 kilometres from the coastline between Mizen Head and Three Castles Head.
Gardaí also closed off a road leading to the pier at Dun Lough Bay and examined three vehicles they believe were to be used to carry off the drugs. They are searching for two more men spotted near the scene early today
The drugs were wrapped in white waterproof packages. Locals reported seeing dozens of them bobbing in the sea off Dun Lough Bay about a mile off shore.
A spokesman for the Revenue's Customs service said there were around 50 bales in total.
He said it is believed the bales contain at least half a tonne of cocaine, which he estimated would have a street value of over €50 million. If confirmed, it would be the largest single seizure of cocaine in the history of the State.
A search in the area near Goleen got under way today. One of the men raised the alarm after swimming ashore at around 8am today. Rescue services, including the Castletownbere and Goleen lifeboats and a Shannon-based helicopter, were scrambled.
A second man was taken from the water by the Castletownbere lifeboat at 9am before being transferred to hospital in Bantry. Both men were suffering from hypothermia.
Conditions in the area were moderately rough with force four westerly winds and a swell hampering the search. The forecast is for worse conditions tomorrow.
A Customs ship and a Garda helicopter joined the search.
The Naval Vessel LE Orlahas been dispatched from the northwest coast to assist in the operation. The vessel will be on scene tomorrow morning.
The west Cork coastline has been regarded as a notorious drug trafficking route over the last two decades. In 1996, a yacht named the Sea Mistwas discovered off the coast carrying 599kg of cocaine with a street value of €42 milion.
Additional Reporting: PA