They Found A Shipwreck Believed To Hold R1,7 TRILLION In Gold

They Found A Shipwreck Believed To Hold R1,7 TRILLION In Gold”

The 5,800-ton Dmitri Donskoii, a first class armored cruiser, first set sail in 1885, according to the Shinil Group, the company which announced its rediscovery this week.

Experts from South Korea, Britain and Canada discovered the wreck Sunday.

He said the company will unveil details about what it has found in the boxes at a press conference next week, and it plans to contract a Chinese salvage company to recover the wreck. 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.

The Dmitrii Donskoi was said to have been scuttled during the Russo-Japanese war in 1905, going down with 5500 boxes of gold bars and coins still in its holds to stop the Japanese seizing it.

The discovery triggered an investor frenzy and South Korea's financial regulator issued a public warning against possible investment losses.

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.

Images from the company's website, posted in 2007, seem to show the same wreck at the bottom of the ocean, along with maps of its general location.

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.

The Seoul-based company said it worked with a team from Nuytco Research Ltd., a Canadian marine exploration company, which provided two small "DeepWorker" submarines for the mission.

There is scepticism about Shinil's claim and the Financial Supervisory Service is closely monitoring trade activity involving the shares of Jeil Steel.

But now there is a fight to claim the ship's treasure, with both the Russians and the Korean divers claiming ownership of the haul.

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

In a separate statement on its website, Shinil Group described its newly launched "Donskoi International" crypto currency exchange as linked to the find. The group estimates the gold is worth $130 billion. Company spokesman Park Seong-jin said his company will file a request for the ship's salvage right later this week.

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