Saturday, 17 November, 2018


Wreck of Russian warship carrying $130bn in gold found off South Korea

Shinil Group say they found the Dmitrii Donskoi off the coast of Ulleungdo island east of South Korea Shinil Group say they found the Dmitrii Donskoi off the coast of Ulleungdo island east of South Korea
Bennie Garza | 21 July, 2018, 17:57

"We spotted things that look like treasure boxes, but we have not opened them yet", a company spokesman told The Korea Times.

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.

Some historical accounts have revealed the Dmitrii Donskoi carried the treasury of the entire flotilla which would have included the port expenses and also the salaries of sailors and officers.

However, there are still some doubts whether the group has really found the Russian ship. She was present for the Battle of Tsushima in May 1905, the historic engagement in the Sea of Japan that effectively ended the Russo-Japanese War.

Shinil Group was quoted by CNN saying that the worth of the ship is close to US Dollar $ 1 billion, but the value and quantity of gold on-board the ship is not clear.

In a publicly issued statement, the company said that the armor on the side of the hull is "well preserved," and the anchor, guns and machine guns remain in their corresponding places.

Of the nearly 600 crew, 60 were killed and 120 wounded, whie the majority of the crew escaped and were later taken prisoner on Korea's Ulleungdo Island.

The Dmitrii Donskoi was part of a Russian Imperial Navy force fighting against Japanese in the 1905 war between the two nations. The Donskoi's crew members were subsequently taken prisoner by Japanese landing parties.

Many have said the gold would be worth billions if found today but academics are doubtful a warship would have been used to carry such precious cargo. 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.

One of them, Dong-Ah Construction, was accused of spreading false rumours to bump up its stock prices and later went bankrupt.

Adding further confusion, Park said a website under Shinil Group's name and including its contact information was not affiliated with the group. The company is unlisted but its president recently agreed to acquire shares in a local company, Jeil Steel.

The government-funded Korea Institute of Ocean Science and Technology (KIOST) claims to have located the ship in 2003, and another private enterprise asserted that it located the wreck in 2001.

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