A South Korean company is backing off its claim to have found a sunken Russian warship with an enormous cargo of gold.
The Seoul-based Shinil Group said Thursday it doesn’t know if any gold coins and bars would be found inside the sunken ship. It previously claimed 200 tons of gold worth 150 trillion won ($133 billion) would likely still be aboard the vessel.
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The company has yet to obtain government permission to raise the ship it identified as the Dmitrii Donskoi, which sank 113 years ago.
Russian officials had cast doubt on the claim of significant treasure onboard and said any gold on board likely would have been coins to pay the sailors.
Financial regulators reportedly are investigating whether Shinil officials deliberately spread false information for stock market profit.
