Russian warship 'holding $176 billion in gold' found

Russian warship 'holding $176 billion in gold' found”

According to a report by the Telegraph, the warship that sunk in a naval battle 113 years ago is said to contain a trove of gold bullion and coins.

Mr Lim Dong Hoon, one of the company's three South Korean directors, said when reached on his mobile phone that he had no information on the shipwreck or the company's activities, and declined to comment further. The Bank of Korea's 104 tons of gold reserves have been valued at around $4.8 billion, making it unlikely that 200 tons of gold would be worth $132 billion.

"We have confirmed that there is a thing that looks to be a treasure box, but we have not opened it yet", said the company's public relations manager.

Companies have claimed in the past to have found the wreck, amid historic rumours of treasure on board. 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.

Shinil released photos and videos taken by search submarines, which showed markings on the stern the company said was the ship's name in Russian.

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Experts from the United Kingdom and Canadian marine exploration company Nuytco also part of the worldwide team working on the Dmitry Donskoi project.

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. It found a nameplate written "Donskoii", Chosun Biz reported. It promised additional coins to those who helped sign up others.

Shinil Group added that it intends to invest 10% of the remainder in tourism projects on Ulleungdo Island. The now bankrupt Donga Construction company previously attempted to explore and salvage the ship in the early 2000s.

"A war vessel is the territory of the state whose flag it bears regardless of the waters it is in". Even stranger still, it appears that there is more than one Shinil Group, with the second linking the find to a cryptocurrency exchange. Much of the Imperial Russian fleet was defeated by the Japanese.

According to the BBC, some experts doubt the possibility that the ship carried gold, questioning why a warship would carry such valuable cargo. "If it was necessary to deliver a batch of gold to Vladivostok, then it was much safer to do it by land".

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