Published: Fri, July 20, 2018
Global News | By Stacy Ballard

Wreck found of ship 'carrying billions in gold'

Wreck found of ship 'carrying billions in gold'

It was scuttled during the 1905 Battle of Tsushima in the waters between present-day South Korea and Japan, during the Russo-Japanese War, which Moscow eventually lost.

Inside those boxes, according to speculation from the Korean firm that discovered the shipwreck, is about 200 tons of gold bars, the Associated Press reported.

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.

As per a report by The Daily Telegraph, joint efforts were made from three different nations-Canada, South Korea, and Britain to uncover the Russian warship on Sunday. The company-including experts from South Korea, China, the United Kingdom, and Canada-adds that half of any treasure will go to the Russian government, 10% will be used to fund a museum and other tourism projects on Ulleungdo Island, and a portion will go toward building a railway line linking Russia and South Korea through North Korea.

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Meanwhile it emerged that two other organisations "discovered" the same wreck years before, including one which went bankrupt after being accused of spreading false rumours to bump up its stock price.

It's believed the loot was intended for the Russian fleet; however, some Russian scholars have said it's unlikely that much gold would have been transported on a single ship in those days and that transporting it by train would have been the safer option.

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. It's expected it would be divided up somehow between Russia, South Korea, and the company credited with its discovery.

At least 60 crew members died and 120 more were wounded, with the survivors escaping to nearby Ulleungdo Island off the South Korean coast where they sunk the ship. 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.

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Two manned submersible craft filmed the wreck last Saturday 425 metres beneath the ocean after the team from Canada, South Korea and United Kingdom found it. If that's true, there could be as much as $132 billion worth of gold still on the ship, the report added.

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

The Shinil Group aims to raise the ship in October or November, reports said. The Seoul-based Shinil Group carried out this significant exploration.

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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