A UK-based marine insurance company, commonly referred to as a P&I club within the industry, orchestrated a $5 million ransom to secure the release of the hijacked ship MV Abdullah and its crew from pirates off the coast of Somalia.

According to a source within the Bangladesh Merchant Marine Officers Association, the ransom, consisting entirely of notes not older than 10 years, was dropped from a chartered plane in three waterproof bags into the sea near Somalia, where the ship was anchored.

Mizanul Islam, spokesperson for the ship's owner company KSRM Group, clarified to The Business Standard that no funds were transferred abroad from Bangladesh to pay the ransom. He emphasized that all transactions were conducted in accordance with local and international laws, ensuring compliance throughout the negotiation process related to MV Abdullah.

About P&I Clubs: P&I (Protection and Indemnity) clubs are insurance entities that offer coverage to ship owners and operators in the event of accidents or liabilities. Operating as mutual associations, these clubs are owned by their members.