South Korean police investigate sunken ship claims

South Korean police are investigating possible fraud related to the Shinil Group's claims that they have found a sunken warship bearing a golden fortune.

Posted: Aug 1, 2018 3:07 AM
Updated: Aug 1, 2018 3:14 AM

Police are investigating a South Korean company that claimed to have discovered a sunken Russian warship with $8.9 billion worth of gold on board.

South Korean police are investigating the firm, called Shinil Group, for possible fraudulent claims and have banned senior company staff members from leaving the country, a police spokesman told CNN on Tuesday.

The company announced earlier this month that it had found the Dmitri Donskoii, a 5,800-ton Russian warship that had sunk during the 1905 Battle of Tsushima, in the waters between present-day South Korea and Japan.

The company originally said that previous reports had estimated the ship contained up to $134 billion worth of gold, but lowered that figure in a press conference on July 26.

Following the announcement, share prices for Jeil Steel Manufacturing Co. surged on the South Korean stock market, though Jeil Steel said it had nothing to do with the discovery.

The Financial Supervisory Service said both the current and former heads of Shinil Group bought stakes in Jeil Steel earlier this month, Reuters reported.

CNN tried to reach Shinil Group on Tuesday, but the phone numbers listed for the company are no longer in service or have been disconnected.

The ship exists -- the gold is another matter

The Dmitri Donskoii first-class armored cruiser sank during the Russo-Japanese War, which Moscow eventually lost.

Since its sinking, there have been numerous attempts to explore the remains of the ship and hunt for its purported treasure.

It is believed by some to have had a large hoard of gold coins on board -- money that was part of the Russian war fund.

The now-bankrupt Donga Construction company previously attempted to explore and salvage the ship in the early 2000s.

According to reports from the time, claims the ship's cargo was worth potentially billions of dollars caused Donga's stock value to spike -- despite denials of this claim by the South Korean authorities.

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 292560

Reported Deaths: 6718
CountyConfirmedDeaths
Los Angeles1232563643
Riverside21957515
Orange20225376
San Diego17842406
San Bernardino16586293
Imperial7464125
Fresno728184
Alameda7245142
San Joaquin581761
Kern575987
Santa Clara5552165
Tulare5298148
Sacramento477678
Contra Costa424186
San Francisco407150
Ventura385850
Santa Barbara380830
San Mateo3743111
Marin323226
Stanislaus300450
Kings282338
Monterey227017
Solano192227
Merced162311
Sonoma148714
Placer97011
Madera8578
San Luis Obispo8453
Yolo76028
Santa Cruz5033
Napa4534
Sutter3234
San Benito3042
Butte2954
El Dorado2800
Lassen2670
Shasta1715
Humboldt1574
Nevada1551
Yuba1543
Glenn1530
Lake1001
Colusa980
Mendocino980
Tehama981
Calaveras610
Del Norte580
Tuolumne580
Mono491
Amador350
Inyo341
Siskiyou330
Mariposa311
Plumas150
Alpine20
Trinity20
Sierra10
Unassigned00
Chico
Clear
72° wxIcon
Hi: 98° Lo: 66°
Feels Like: 72°
Oroville
Clear
71° wxIcon
Hi: 99° Lo: 67°
Feels Like: 71°
Paradise
Clear
70° wxIcon
Hi: 91° Lo: 67°
Feels Like: 70°
Chester
Clear
52° wxIcon
Hi: 81° Lo: 53°
Feels Like: 52°
Red Bluff
Clear
73° wxIcon
Hi: 100° Lo: 67°
Feels Like: 73°
Willows
Clear
72° wxIcon
Hi: 102° Lo: 64°
Feels Like: 72°
The seasonably hot weather continued today for northern California, but more heat and stronger breezes are coming our way through early next week.
KHSL Severe
KHSL Radar
KHSL Temperatures

Community Events