Saturday, 18 August, 2018

Russian warship 'carrying £100 billion in gold' discovered off South Korea

Wreck of Russian warship carrying $130bn in gold found off South Korea Russian warship carrying £100BILLION worth of GOLD found off South Korea
Jeannette Daniel | 22 July, 2018, 05:30

The Shinil Group said it discovered the Russian cruiser Dmitri Donskoii of the Baltic Fleet in waters off South Korea's eastern Ulleung Island on Sunday.

But after people began speculating on the stock market, South Korea's financial supervisory service warned it is looking for evidence of investors being misled.

The FSS was referring to Dong Ah Construction Industrial, a company whose construction business went bankrupt in 2001.

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.

However, their claim was disputed by the Korea Institute of Ocean Science and Technology (KIOST) shortly after.

The company released photos and videos of the warship on its official website.

Part of the remaining treasure would also help fund infrastructure projects in north east Asia such as a new railway linking South Korea and North Korea. Shinil Group first discovered the ship earlier this month, then recruited the Vancouver-based exploration team to pinpoint the vessel and verify its identity.

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

The price of Jeil Steel shares soared a whopping 30 percent on Tuesday because Ryu Sang-mi, head of the Shinil Group, is the second largest shareholder of the steel company.

The salvage company that found the ship said they plan to raise it, but they didn't say when.

Wreck of Russian warship carrying $130bn in gold found off South Korea
Russian first-class armored cruiser Donskoii

Jeil's stock prices sharply rose after Shinil's gold claims on Monday before they dropped more than 20 percent after Thursday's trading.

If Shinil's speculation turns out to be true, the shipwreck would be one of the world's most astonishing treasure finds in recent history - and a likely source of a diplomatic and legal tug of war. People signing up for the exchange will receive virtual currency dubbed Shinil Gold Coins, with additional "Coins" given to those who attract additional members.

There was no answer from the telephone number or email address listed on the cryptocurrency website when MailOnline tried to make contact. Shinil Group is not listed.

But no proof exists that the ship carried gold, with academics raising doubts that a warship would carry such valuable cargo.

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.

In today's values, 200 tonnes of gold would be worth a whopping £100 billion.

Shinil disagreed on the amount of its possible deposit, saying what it has officially located was the shipwreck, not treasures on it.

"We held a press conference to reveal the finding in 2003", said the company in a statement.

Companies from China, Canada and the United Kingdom are all helping the South Korean team raise the wreck, which will start in October.

More news: EU must change Brexit position, says May

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