Wreck found of ship 'carrying billions in gold'

Lester Mason
July 19, 2018

The Seoul-based Shinil Group is managing the salvage operation.

The Shinil Group says its divers are certain they've found the Dmitri Donskoi, which sank in off an eastern Korean island in 1905 during the Russo-Korean war.

The images caught by the diving artifacts show "extensive damage to the vessel caused in an encounter with Japanese warships in May 1905, along with cannons and deck guns encrusted with marine growth, the anchor and the ship's wheel", The Telegraph reported (subs. required).

South Korea's Financial Supervisory Service said Thursday that it's closely monitoring trade activity involving the shares of Jeil Steel. They also have said some gold coins could have been aboard the ship to pay the salaries of Russian navy officers. The now bankrupt Donga Construction company previously attempted to explore and salvage the ship in the early 2000s.

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

Russian Federation will also get an equal share of the money as they are the rightful owners of the ship and have been helping the South Korean firm with their search for the wreck.

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An official at the Pohang Regional Office of Oceans and Fisheries, which has authority on Shinil's case, said it has not formally discussed the company's claim because Shinil has yet to submit a request to seek a salvage right.

Shinil disagreed on the amount of its possible deposit, saying what it has officially located was the shipwreck, not treasures on it. It estimates the gold would have a value today of around $130 billion.

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.

And there are questions about the gold's worth being estimated at $180 billion - the Bank of Korea's 104 tons of gold reserves are valued at about $6.5 billion.

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

Other reports by Iphone Fresh

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