World News

Russian warship ‘carrying £100 billion gold’ found off South Korea

Russian warship ‘carrying £100 billion gold’ found off South Korea

The warship was scuttled off the island of Ulleungdo in 1905 to stop it falling into Japanese hands following the battle of Tsushima during the Russo-Japanese War.

Mr Lim Dong Hoon, one of the company's three South Korean directors, said when reached on his mobile phone that he had no information on the shipwreck or the company's activities, and declined to comment further.

Shinil Group believes there could be as much as 200 tons of gold on board the ship, which would be worth around $133.4billion.

Whenever private treasure-hunting companies succeed and really come across boxes filled with gold or silver, there is a high likelihood that the finding will draw lawsuits by countries or private stakeholders who claim they deserve a share.

Shinil Group, which lists a Singapore address on its website, said on Tuesday it had discovered the wreck of the Dmitrii Donskoi, a Russian armoured cruiser built in the 1880s and sunk in 1905 after battling Japanese warships.

A South Korean team of experts have struck gold!

Shinil is an unlisted company founded on June 1, meaning investors can not buy shares, though its president recently agreed to acquire shares in a local company, Jeil Steel.

More than a century's worth of undersea growth crusted much of the vessel, but the explorers identified it as the Dmitrii Donskoi when they spotted the name spelled out in Cyrillic characters on the stern, the Morning Post reported.

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"Concerning the treasure ship salvage project, investors' discretion is recommended as there are risks of them suffering great losses if they rely on rumours", South Korea's Financial Supervisory Service said in a statement. This includes plans for a museum dedicated to the ship.

South Korean law aimed at preserving national territory and property requires the company to deposit 10% of the estimated value of the shipwreck before any salvage operation can begin.

The company claiming to have found the buried treasure is reported to have been established about 50 days ago.

Despite longstanding rumors about the ship's precious cargo, Russian researchers have said it is unlikely that the Donskoi ever carried tons of gold into battle.

Even if the ship is hoisted and treasures are found, their ownership could be disputed.

But South Korean officials are warning investors (who may be looking to pour money into potential stocks in relation to the company), to be leary, as such claims aren't new.

Companies from China, Canada and the United Kingdom are all helping the South Korean team raise the wreck, which will start in October.

And with the shipwreck located about one mile off a South Korean island, that's likely to be the case.


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