The Columbian government has officially launched its legal defence against United States treasure-hunting firm Sea Search Armada (SSA) over their claiming of the San José galleon.
At the centre of this significant legal dispute, is the 18th-century ship once owned by the Spanish crown which was sunk by the British navy off Columbia’s coast in 1708.
On route to Spain, the ship was carrying chests of emeralds and some 11 million gold and silver coins which have been 600 metres under the ocean ever since.
The treasure is believed to be valued between US$4 billion and $20 billion.
SSA is seeking $10 billion in compensation from the Colombian government which has designated the wreck site as a protected archaeological area.
A decision from the Permanent Court of Arbitration in the Hague is expected by late 2025.
Legal disputes over the ship began 270 years after the ship sank in the early 1980s when SSA, then operating as Glocca Morra Co., claimed to have discovered the wreck.
SSA asserts that they provided coordinates to the Colombian government in 1982, seeking a partnership for salvage operations and 50% share of the findings.
However, the Columbian government claims that no shipwreck was found at the provided coordinates and that the company never explicitly reported finding the San José.
In 2007, Colombia's Supreme Court ruled that any treasure recovered would be split equally between the Colombian government and SSA.
Despite this ruling, disputes continued, with SSA seeking compensation for its claimed discovery.
Colombia however announced its own discovery of the galleon in 2015, asserting that SSA had not found the wreck as claimed.
The current lawsuit is estimated at $10 billion, potentially making it the most expensive lawsuit in Colombian history.
SSA is being handled by Gibson Dunn, a U.S. law firm that has previously represented large multinationals including Chevron, CNN and Apple.
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