World News

Russian warship 'carrying £100 billion in gold' discovered off South Korea

Russian warship 'carrying £100 billion in gold' discovered off South Korea

A team of global experts discovered the remains of the cruiser Dmitrii Donskoi - sunk 113 years ago - near the island of Ulleungdo, the UK Telegraph reports.

It is thought that the battle ship, which was discovered off the island of Ulleungdo, was sunken during the Russo-Japanese War and could have had the gold of an entire flotilla on board.

The company speculated about 200 tons of gold bars and coins that are worth 150 trillion won ($180 billion) would still likely be aboard the ship.

Other companies have made similar claims, but none has taken actual steps toward raising the wreck.

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.

South Korea's Financial Supervisory Service said Thursday that it's closely monitoring trade activity involving the shares of Jeil Steel. The now bankrupt Donga Construction company previously attempted to explore and salvage the ship in the early 2000s.

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It's also uncertain just how much of the gold Shinil Group will be able to recover.

Companies from China, Canada and the United Kingdom are all helping the South Korean team raise the wreck, which will start in October. An official with the South Korean Ministry of Oceans and Fisheries said that the company had not yet applied for salvage rights, which would require a down payment of about 10% of the estimated value of whatever they recover to the area's maritime police. The Seoul-based Shinil Group carried out this significant exploration.

A joint team including South Korean, British and Canadian explorers on Sunday found the wreck of the Dmitrii Donskoi more than 1,400 feet below sea level and a mile off the coast of the South Korean island of Ulleungdo, according to CNBC.

But now there is a fight to claim the ship's treasure, with both the Russians and the Korean divers claiming ownership of the haul. It estimated the shipwreck's value at 1.2 billion won ($1 million) and planned to put down 120 million won ($105,540) as a deposit.

A South Korean Financial Ministry official responsible for the issue said that Russian Federation may be able to claim ownership.


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