Russian warship Dimitrii Donskoi 'packed with gold worth $130 billion' discovered by salvage team

Russian warship Dimitrii Donskoi 'packed with gold worth $130 billion' discovered by salvage team

By Okorie Chioma - July 20 2018

A Russian warship believed to be packed with billions in gold has been found off the South Korean coast, according to salvagers.

The Dimitrii Donskoi sank 113 years ago after the crew scuttled the ship following Japan's victory in the Battle of Tsushima during the Russo-Japanese War.

Now the Shinil Group claim they have found the vessel near Ullleungdo island, which is east of Soth Korea.

The ship set sail in 1885 and was in the Mediterranean and the Baltic before heading to the Pacific.

The South Korean salvage team believe it to still contain 200 tons of gold bullion and coins worth 150 trillion won ($130 billion).

While the cruiser wasn't badly damaged in the Battle of Tsushima, the ship fell behind its fleet and was attacked by the Japanese.

The crew decided to scuttle the ship and there have been rumours about the treasure on board ever since.

Some say the ship was carrying gold for the Russian Pacific Fleet which was going to be used to pay crew salaries and docking fees.

Many have said the gold would be worth billions if found today but academics are doubtful a warship would have been used to carry such precious cargo.

Kirill Kolesnichenko, a professor of social sciences at Russia's Far Eastern Federal University, told Russian news site RIA Novosti that it would have been too dangerous to keep all the money on one ship.

Over the past 100 years or so, several Japanese and South Korean companies have tried to find the ship - and some buried treasure.

Now Shinil Group have posted pictures and footage online as they claim to have found the warship.

However, there are doubts surrounding the company as it claims to be the successor company to Shinil Corporation, formed in 1957, but South Korean news website Chosun Biz says it was only founded in June with about 100 million Korean won (£67,689).

If the company applies to South Korea's Ministry of Maritime Affairs and Fisheries for salvage rights they would need to pay 10% of the estimated value of the wreck, reports BBC Korean.

And if the rumours are true, 10% is a lot more than the company can afford.

Shinil say the salvaging the ship will take three months and plan to hold a press conference to address any doubts.