South Korean firm backtracks on $130 billion 'treasure ship' gold claims


  • World
  • Thursday, 26 Jul 2018

Shinil's chief executive Choe Yong-seok speaks next to a miniature model of Russian armored cruiser Dmitrii Donskoi during a news conference in Seoul, South Korea, July 26, 2018. Yonhap/Handout via REUTERS

SEOUL (Reuters) - A South Korean company that claimed to have found the wreck of a Russian warship holding $130 billion (£98.50 billion) in gold said on Thursday it has not verified the existence of any gold, while a financial watchdog said it was probing possible unlawful stock trading.

Shinil Marine said last week it had discovered the wreck of the Dmitrii Donskoi, a Russian armoured cruiser sunk in 1905 after fighting Japanese warships off South Korea's Ulleung Island, and that a staggering 150 trillion won (£101.57 billion) of gold was on board.

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