Underwater Treasures
28-minutes, 2008
Ref: 657

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There is hundreds of millions to be made by finding underwater treasures – gold buried at the bottom of the sea for centuries onboard sunken ships. Recently an American company made what archeologists believe is the world’s biggest treasure find, but huge controversy surrounds the find and ownership of the treasure. The Spanish authorities suspect the treasure has been fished out of its waters. The American company refuses to reveal the location, despite its ship being docked in Gibraltar for many months. The haul was half a million silver and gold coins valued at €400 million. The booty was flown from Gibraltar to Tampa, Florida on a plane charted by Odyssey – the American company. It promises to start a legal tug-of-war between the company and Spain over who really owns the treasure. But the airlift is just Odyssey’s latest foray along the Spanish coast. The company has operated two vessels and a high-tech robot submarine over the last nine years, often without marine archeology permits. With the odd exception, the Spanish government has turned a blind eye to the infractions. Spain’s Ministry of Foreign Affairs even issued blanket exploration permits although Andalusia’s regional government is the only authority competent to grant them. These muddy administrative waters help explain how 17 tons of gold and silver were spirited off to the US. But now the latest turn of events has shaken the Spanish government out of its torpor. The US company, the British government, the Gibraltar authorities, and the Spanish government all have an interest and are caught up in a complex political and legal battle over the status of wrecks and who owns the treasure lying on the sea bed.