US Company Sues Colombia over Sunken Treasure Dispute in The Hague

the hague, netherlands - An American salvage company, Glocca Morra, has taken legal action against the Colombian government, claiming rights to a sunken treasure aboard the San José shipwreck. The case will be heard by the Permanent Court of Arbitration in The Hague.

Glocca Morra claims to have discovered the wreck in 1981 and had a profit-sharing agreement with Colombia. However, in 2015, Colombia declared it had found the wreck independently and refuses to share the treasure. Spain may also have a claim due to the San José's Spanish nationality.

The treasure, estimated to be worth billions, includes gold, silver, and emeralds. The potential presence of eleven million escudo coins has led to a projected value of up to $20 billion. But archaeologist Martijn Manders suggests this value may be exaggerated to attract investors.

Divers cannot reach the deep wreck, so remote-operated vehicles (ROVs) will be needed for retrieval. Despite the high costs, the potential profits are significant. However, mass retrieval could impact market prices, as seen with previous sunken ships like the ss Republic and ss Central America.

Archaeologist Cees Meeldijk highlights the modern techniques used in maritime salvage operations, emphasizing meticulous research and advanced scanning technologies to locate wrecks accurately.

Manders notes the vast number of shipwrecks worldwide, with valuable artifacts lying on the seabed. He warns against solely valuing monetary gains over preservation, citing historical losses like the VOC ships Geldermalsen and Nassau.

The Permanent Court of Arbitration aims to reach a verdict on Glocca Morra's case against Colombia in February.