From PR Newswire
Lawyers representing the government of Colombia (GOC) admitted in U.S. court on March 25th that Sea Search Armada (SSA), an undersea salvage company engaged in a long-running suit with Colombia, was the rightful owner of 50 percent of the proceeds of perhaps the most valuable sunken treasure in history.
This is the first time representatives of the government have conceded this point in over 30 years of legal wrangling.
The admission came in oral arguments before the U.S. Court of Appeals for the District of Columbia Circuit in Washington, D.C. over the validity of SSA's suit.
While still disputing SSA's claim, the GOC lawyer clarified that any part of the treasure, were it to be recovered and be identified as Columbian – described as the country's patrimony – would not be shared.
The ship in question is the San Jose, one of several Spanish galleons sunk off the coast of Colombia in 1708 during a war between Spain and Britain.
Estimated to be carrying over two tons of platinum along with substantial quantities of gold and emeralds, the current value of the treasure is estimated to be in excess of $17 billion.
SSA and the GOC initially were partners in exploring for the wreck which was discovered in 1981.
At that time, Colombia was following international custom and had agreed it would split the proceeds with SSA if the wreck were found.
Members of the Colombian Navy accompanied the search. (Under well established maritime law, it is customary for countries to grant salvage rights in exchange for half of the proceeds.)
The SSA team located the San Jose in more than 800 feet of water about five miles off the coast of Cartagena, Colombia. Because of the cost and complexity of the salvage, time was required to arrange for investors and the specialized equipment.
Before the specialized salvage could be initiated, however, the Colombian government decided it would ignore the original agreement and would claim all of the treasure except for a 5% finder's fee.