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NEW DELHI: Colombia is on the process of quickly recovering a 300-year-old sunken treasure, valued at up to $20 billion, but there’s a legal dispute over who owns it.
President Gustavo Petro has instructed his government to bring up the “holy grail of shipwrecks,” the Spanish galleon San José, from the bottom of the Caribbean Sea as soon as they can, according to New York Post.
Petro aims to raise the 62-gun, three-masted ship from the sea before his term ends in 2026. He has asked for a partnership between the government and private companies to make this happen, according to the report.
“This is one of the priorities for the Petro administration,” Minister of Culture Juan David Correa said. “The president has told us to pick up the pace, ”he added.
Its value is estimated to be between $4 billion and $20 billion, according to a lawsuit.
It had 600 crew members on board on June 8, 1708, during a battle against the British in the War of the Spanish Succession. For many years, people didn’t know where it was.
In 1981, a US company called Glocca Morra claimed it had found the lost treasure and gave its location to Colombia, with the promise that it would get half the treasure when it was recovered.
In 2015, Colombia’s navy said it found the San José wreck at a different location on the seabed. Colombia has not disclosed the exact coordinates of the ship’s resting place.
However, Glocca Morra, now called Sea Search Armada, believes that in 2015, Colombia found part of the same debris field it had discovered 34 years earlier.
The company is suing the Colombian government for what it estimates to be half of the treasure, which is $10 billion, under the US-Colombia Trade Promotion Agreement, according to Bloomberg.
President Gustavo Petro has instructed his government to bring up the “holy grail of shipwrecks,” the Spanish galleon San José, from the bottom of the Caribbean Sea as soon as they can, according to New York Post.
Petro aims to raise the 62-gun, three-masted ship from the sea before his term ends in 2026. He has asked for a partnership between the government and private companies to make this happen, according to the report.
“This is one of the priorities for the Petro administration,” Minister of Culture Juan David Correa said. “The president has told us to pick up the pace, ”he added.
Its value is estimated to be between $4 billion and $20 billion, according to a lawsuit.
It had 600 crew members on board on June 8, 1708, during a battle against the British in the War of the Spanish Succession. For many years, people didn’t know where it was.
In 1981, a US company called Glocca Morra claimed it had found the lost treasure and gave its location to Colombia, with the promise that it would get half the treasure when it was recovered.
In 2015, Colombia’s navy said it found the San José wreck at a different location on the seabed. Colombia has not disclosed the exact coordinates of the ship’s resting place.
However, Glocca Morra, now called Sea Search Armada, believes that in 2015, Colombia found part of the same debris field it had discovered 34 years earlier.
The company is suing the Colombian government for what it estimates to be half of the treasure, which is $10 billion, under the US-Colombia Trade Promotion Agreement, according to Bloomberg.
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