A company controlled by millionaire hedge fund boss Sir Paul Marshall has lost a legal battle with South Africa over £34 million in silver salvaged from a Second World War shipwreck.
The UK Supreme Court sided with the Pretoria government, which argued that it did not owe Marshall’s salvage company any payment for finding the treasure in the Indian Ocean.
The silver was purchased by the then Union of South Africa from India in 1942, but was lost when the ship was torpedoed by a Japanese submarine.
Argentum Exploration found 2,364 silver bars in 2017 from the wreck of the SS Tilawa.
The passenger ship sank on its way to South Africa, killing 280 people.
Treasure: Argentum Exploration found 2,364 silver bars in 2017 in the wreck of the SS Tilawa which was attacked and sunk during its voyage to South Africa in 1942
Marshall-controlled Argentum recovered the bars from a depth of 2.5km in 2017 and took them to the UK to claim salvage rights, valuing the treasure at £34m in 2020.
He accepted that South Africa was the owner of the loot, but demanded compensation for finding it.
However, the Supreme Court ruled yesterday that the country had sovereign immunity from Argentum’s claim.
The parties have reached an agreement.
Marshall, who is worth around £680m, runs Marshall Wace, a hedge fund with £52.3bn in assets.
He is an investor in the GB News television channel, but recently resigned from the board amid rumors that he is considering a bid to buy The Daily Telegraph newspaper.
