Treasure ship stock bubble draws South Korea warning

Treasure ship stock bubble draws South Korea warning

A 19 century Imperial Russian warship claimed to be carrying billions of dollars in gold has been found off the coast of Korea.

Shinil Group claimed to have discovered the wreck of Russian warship Dimitry Donskoi on Sunday and touted rumours that 200 tons of gold could be on board.

According to The Telegraph, a joint team with experts from South Korea, Britain, and Canada used two manned submersibles to film the wreck at a depth of more than 1,400 feet.

"And yet the ship's deck and sides are well preserved", the Seoul-based Shinil Group said in a statement obtained by USA Today. A separate 10 percent would be invested into tourism projects on Ulleungdo Island, including a museum centered around the ship.

The 5,800-ton ironclad cruiser was badly damaged following an attack by Japanese warships during the Russo-Japanese War and was scuttled in the Sea of Japan on May 29, 1905. They are speculating that the Dmitrii Donskoi ship, could contain $132 billion worth of gold, according to recent news reports.

"The body of the ship was severely damaged by shelling, with its stern nearly broken, and yet the ship's deck and sides are well-preserved", the company said. Why, they say, would so much gold be put at risk on a single ship during a time of conflict?

The announcement though was disputed by the government-run Korea Institute of Ocean Science and Technology (KIOST), which told South Korean media that it discovered the wreck in 2003.

The discovered battleship was launched in St Petersburg in August 1883, and christened the Dmitrii Donskoi.

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"Dong-Ah Construction made similar claims over the same ship but failed to deliver on its promises and went bankrupt, causing huge losses for investors", a Korean financial regulatory official told The Guardian, cautioning investors to be wary.

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

Oh yeah, and there might be $130 billion in gold on board. They also identified the ship by comparing the various parts of it they found to historical blueprints.

"The body of the ship was severely damaged by shelling, with its stern nearly broken, and yet the ship's deck and sides are well-preserved", according to the Shinil Group, a Seoul-based maritime salvage group that backed the team, reported the South China Morning Post.

Academics and historians have also poured water on the find, saying it would be highly unusual for Russian Federation to transport so much gold aboard a single ship.

"We'll soon go ahead with procedures to rescue the ship", the salvage company said.

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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