Published: Thu, July 19, 2018

Shipwreck Rumored to Hide $132B in Gold Is Found

Shipwreck Rumored to Hide $132B in Gold Is Found

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

The Dmitrii Donskoi was part of a Russian Imperial Navy force fighting against Japanese in the 1905 war between the two nations.

The official said Shinil must deposit 15 trillion won ($13.2 billion), based on the company's speculation how much gold is likely aboard the ship.

Video of the wreckage released by the company shows the ship's guns, steering wheel, and exterior coated in thick algae from its years beneath the sea.

The gold on board could be the treasury of the entire fleet, United Kingdom newspaper Express reports, carrying enough for port expenses and the salaries of every sailor and officer.

The rumours have sparked a huge rise in the share price of a local company, Jeil Steel, which is partially-owned by Shinil Group.

South Korea's Financial Supervisory Services on Wednesday warned against "overheated" investment, citing past cases of treasure-hunting companies that saw their stock skyrocket after a discovery only to end up filing for bankruptcy.

Doubt has emerged over a South Korean firm's claims to have found a £100billion treasure aboard a sunken ship amid government warnings that it could be a scam. 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.

Some experts also said it is unlikely that the Donskoi - a thickly armoured 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.

If indeed the treasure is found aboard the ship, there will be some inevitable questions concerning its ownership.

There have been persistent reports in the more-than-a century since its disappearance that the Dmitrii Donskoi contained 200 tonnes of gold bars and coins, estimated to be worth US$132 billion today.

The funds may be used for joint Russian Federation and South Korean projects, such as a railroad connecting Russian Federation with Korea.

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