Silver ship wreck worth R750m

One of Britain’s top hedge fund managers recently lost a legal battle over the salvage of $40 million (R750 million) worth of silver from the wreck of a ship that was sunk by a Japanese submarine during World War II. Here are the key details:

1. The hedge fund manager, Paul Marshall, was involved in a legal dispute over the salvage of silver from the SS Tilawa, a ship that sank in 1942.

2. The cargo on board the SS Tilawa consisted of 2,364 bars of silver, which were originally destined for the South African Mint.

3. The ship had been hidden two and a half kilometers below the surface of the Indian Ocean for decades until it was discovered and lifted by Marshall’s company, Argentum Exploration Ltd.

4. Marshall’s firm argued that they were owed a substantial salvage figure for their efforts in recovering the silver.

5. However, the UK’s Supreme Court ruled that the South African government could assert state immunity in the lawsuit brought by Marshall’s company.

6. Ultimately, the court was informed that the two sides had agreed to a settlement regarding the silver.

The SS Tilawa is often referred to as “India’s Titanic” due to the scale of the tragedy when it sank after being struck by two torpedoes.