The UK Supreme Court has ruled that treasure discovered by a British marine exploration firm on the SS Tilawa, which was sunk by a Japanese submarine en route to South Africa, belonged to the country, not the crew.
The ruling means that Argentum Exploration, which discovered and recovered 2,364 silver bars in 2017, cannot seek compensation from South Africa for their return.
The SS Tilawa, also known as the “Indian Titanic”, was sunk by Japanese torpedoes on November 23, 1942. As well as the more than 900 people on board, of whom 280 died, the vessel was carrying 2,364 silver bars that had been purchased by the then Union of South Africa for coinage.
The valuable cargo remained on the seabed until 2017, when a specialist salvage ship from British company Argentum Exploration, owned by hedge fund manager Paul Marshall, successfully raised the silver worth $43 million. The bars were taken to the UK and declared as the property of Argentum.