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

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

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

The company said in a statement: "We spotted things that look like treasure boxes, but we have not opened them yet".

While there are increasing reports that Dmitrii Donskoi had gone down with 5,500 boxes of gold bars and coins, it is yet to be seen if such claims are true.

Other companies, such as the Dong-Ah Construction, have previously made such claims related to this wreck, seemingly to bump up their stock prices, but ended up going bankrupt, according to the Associated Press. The images show markings on the stern of the boat that, the company claims, spell out the ship's name in Russian.

Donskoi was scuttled by her crew members near the island in 1905 amid a naval battle between Russian Federation and Japan.

South Korean law aimed at preserving national territory and property requires the company to deposit 10% of the estimated value of the shipwreck before any salvage operation can begin.

The company said the ship held 150 trillion won ($130 billion) in gold and it would provide evidence next week to support its claims.

The company, in a public statement said that the amour located on the hull's side is "well preserved" and that the machine guns are in their respective places. Her crew scuttled the Donskoi off Ulleungdo.

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The Dmitrii Donskoi was designed as a commerce raider and was part of the 1904 Russo-Japanese War. The captain anchored off Ulleungdo Island and ordered his men to disembark.

It is believed to have had a large amount of gold coins on board - money that was part of the Russian war fund. Transporting the treasure via train would have been far safer and a more likely scenario, they said. And it is doubtful that the Donskoi-which was packed with 1, 600 tons of coal, 500 sailors, and more than 12 pieces of artillery-would have had room for so much gold.

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

Shinil Group has refuted these contradictory accounts and maintains that there is gold on the ship. South Korea's financial regulator subsequently issued a warning against possible investment losses.

South Korean news website Chosun Biz reported that Shinil Group was only founded in June, even though it says it is the successor company to Shinil Corporation, formed in 1957.

"We are working to lift the wreckage", a Shinil official told the Korea Times.

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