Korean Firm "Finds" Wrecked Warship and Trove of Gold

Shinil Group say they found the Dmitrii Donskoi off the coast of Ulleungdo island east of South Korea

And the discovery of the shipwreck itself also doesn't appear to be new: A government-run South Korean institute says it found the wreck back in 2003, detecting no traces of possible gold boxes. The gold was being stored in the ship's holds to stop the Japanese seizing it. Shinil Group estimates the gold would have a total value today of £101.3 billion. Shinil Group said that 10 percent of the treasure would be vested in developing tourism projects on Ulleungdo Island, South Korea where the Russian battleship was discovered. Shinil also asserts in its statement that it is the "only entity in the world who discovered Donskoi". Well, it's real. This week, South Korean salvaging company Shinil Group remotely located a vessel just off the Korean coast and enlisted Canadian marine exploration company Nuytco Research Ltd.to check it out.

'Investors should beware because it's uncertain whether the ship is salvageable and whether Shinil would be able to gain ownership of the assets even if it gets permission to raise it, ' said the official. Not only that, but the gold the team suspect may be inside has been speculated to be worth $130-180 billion.

The Donskoi was "basically obliterated" during the Battle of Tsushima, and the Russians' defeat signalled Japan was on par with a major military power, University of Guelph historian David Schimmelpenninck said. "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".

Investors have responded en masse to these claims from Shinil, which prompted the country's financial regulator to issue a warning, the AP also said.

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.

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

Shinil Group, a recently founded company based in Seoul, released submarine footage of what its analysts believe could be the shipwreck of the Dmitrii Donskoi, a Russian cruiser that vanished 113 years ago during the Russo-Japanese war.

South Korea's financial supervisory service subsequently warned that it will be keeping a close eye on trading around Jeil.

Russia, which has reportedly been aiding the South Korean firm with their search, has agreed not to claim more than the pledged amount. He cited related South Korean law and an worldwide court ruling on a similar case.

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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