Published: Fri, July 20, 2018
Global | By Marsha Munoz

Treasure ship with Dh484 billion worth of gold found under the sea

There's a good chance that this year's treasure-hunt story will come out of South Korea, where a company claimed this week that it has discovered a sunken Russian warship.

A South Korean company recently discovered the shipwreck and is planning to hoist it to the surface to see if they have struck gold, or not.

Some experts also said it's unlikely that the Donskoi, a thickly armored warship with more than 12 artillery pieces, 500 sailors and presumably 1,600 tons of coal, would have had room for 200 tons of gold, which would be double the current gold reserves at South Korea's central bank.

The Seoul-based Shinil Group said Tuesday its divers discovered what a wreck it identified as the 6,200-ton Dmitrii Donskoi, which went down during the 1904-1905 Russo-Japanese war off an eastern Korean island.

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

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According to reports from the time, claims the ship's cargo was worth potentially billions of dollars caused Donga's stock value to spike - despite denials of this claim by the South Korean authorities.

Images from the company's website, posted in 2007, seem to show the same wreck at the bottom of the ocean, along with maps of its general location.

Rumours of a treasure trove on a Russian ship that sank off South Korea a century ago have sent a company's shares on a rollercoaster ride, triggering a warning Friday (Jul 20) from financial regulators.

South Korea's financial supervisory service subsequently warned that it will be keeping a close eye on trading around Jeil.

'Investors should beware because it's uncertain whether the ship is salvageable and whether Shinil would be able to gain ownership of the assets even if it gets permission to raise it, ' said the official.

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The currency website also links to a second website for Shinil Group, though all of the links are under construction.

But the currency advertises itself like a pyramid scheme, promising users 25 coins for joining the scheme and an additional 5 coins for each new investor the sign up.

A Russian warship from the early 1900s has been discovered off the South Korea coast by a group of explorers.

"We believe there are gold boxes, and it's historically proven", company spokesman Park Sung-jin told Reuters.
It estimates the gold would have a value today of around $130 billion.

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