INSUBCONTINENT EXCLUSIVE:
The search team for the ship wreck included experts from Britain, Canada and South KoreaSeoul: A company claiming to have found the wreck
of a Russian warship with $130 billion in gold "treasure" off the coast of South Korea has drawn scepticism from researchers and regulators
in Seoul.Shinil Group, which lists a Singapore address on its website, said on Tuesday it had discovered the wreck of the Dmitrii Donskoi, a
Russian armoured cruiser built in the 1880s and sunk in 1905 after battling Japanese warships.The company said the ship held 150 trillion
won ($130 billion) in gold and it would provide evidence next week to support its claims.Shinil Group representatives did not respond to
requests for comment, but its news release said the company was the "only entity in the world" to have discovered the ship.The release was
accompanied by photos and video of a wreck, including a section that appeared to show the ship's name
It said the search team included experts from Britain, Canada and South Korea.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.The institute did not respond
to a request for comment, but its website showed photos dated from 2007 of what it said was the wreck, along with maps of its general
location.A South Korean construction company has also laid claim to being the first to discover the Russian warship, South Korean media
said.Some academics have cast doubt on past reports of a massive treasure on the ship
South Korean financial regulators also cautioned against investing in treasure hunting ventures.In a separate statement on its website,
Shinil Group described its newly launched "Donskoi International" crypto currency exchange as linked to the find.The company said it would
"share profits" from the Russian wreck with the public by handing out its virtual currency to anyone who signed up to use the exchange
It promised additional coins to those who helped sign up others.Shinil Group's English website was registered in January, according to the
Whois internet domain registry, and has many sections marked "under construction".South Korea's Financial Supervisory Services on Wednesday
warned against "overheated" investment, citing past cases of treasure-hunting companies that saw their stock skyrocket after a discovery
only to end up filing for bankruptcy."Investors need to be cautious as it's possible they could suffer massive losses if they bank on
rumours without concrete facts regarding the recovery of a treasure ship," the regulator said in a statement.© Thomson Reuters 2018
