Warship ‘carrying $130 bln in gold’ found 113 years after sinking

Nellie Chapman
July 20, 2018

The company that found it said 200 tonnes of gold bars and coins are likely aboard the ship.

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A salvage team claim to have discovered the wreck of an Imperial Russian warship, said to have sunk laden with gold more than a century ago.

Investors have responded en masse to these claims from Shinil, which prompted the country's financial regulator to issue a warning, the AP also said. Of the remainder, 10% will be invested in tourism projects on Ulleungdo Island, including a museum dedicated to the vessel and Captain Ivan Lebedev, who died a few days after the Battle of Tsushima. It estimates the gold would have a value today of around $130 billion.

The release was accompanied by photos and video of a wreck, including a section that appeared to show the ship's name. It said it hoped to hoist the ship from its depth of more than 400 meters (0.25 miles) within months.

The announcement caused its share price to spike but it failed to provide evidence of the gold supply and made no attempt to raise the wreck before going under. One of them, Dong-Ah Construction, was accused of spreading false rumors to bump up its stock prices and later went bankrupt.

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. The company is unlisted but its president recently agreed to acquire shares in a local company, Jeil Steel.

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A spokesperson for South Korea's Ministry of Oceans and Fisheries said ownership of a wreck would be determined after consultation by a number of agencies, including the coast guard and the Ministry of Foreign Affairs, and would require a monetary deposit by the company.

Therefore, investors were warned by South Korea's Financial Supervisory Service that there are still plenty of questions that need to be answered surrounding these claims. "The body of the ship was severely damaged by shelling, with its stern nearly broken, and yet the ship's deck and sides are well preserved", says Shinil Group, which plans to raise the ship this fall.

The boxes have fueled speculation that they house a large amount of gold rumoured to be aboard the ship at the time of its sinking.

A South Korean team of experts have struck gold!

"We believe there are gold boxes, and it's historically proven", company spokesman Park Sung-jin told Reuters.

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.

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