The police have launched an investigation into a suspected fraudulent claim by a local company... that says it has discovered the wreck of a sunken Russian warship from the early 20th century.
The company, Shinil Group, announced earlier this month... that it found the wreck of the Dmitrii Donskoi,... which had disappeared more than a century ago during the Russo-Japanese war... and which some have claimed contains some 200 tons of gold worth around 116 billion U.S. dollars.
As the police investigate Shinil Group, the financial authorities are monitoring the stock market... amid wild speculation in shares owned by Shinil Group's current and former executives.
The police have banned the head of the company, Choi Yong-seok , and several other people related to the case from traveling abroad while the probe is underway.