The UK’s highest court has decided that South Africa retains ownership of silver bars worth £34 million from a WWII shipwreck, rejecting the compensation claim of British hedge fund manager Paul Marshall.
Hedge fund manager Paul Marshall has lost a Supreme Court case against the South African government regarding the ownership of silver bars valued at approximately £34 million, recovered from a WWII shipwreck. The UK’s highest court ruled that South Africa retains ownership of the 2,364 silver bars without compensating Marshall’s salvage company, Argentum Exploration.
The silver was originally purchased by the Union of South Africa from the Indian government in 1942 and was being transported on the SS Tilawa when it was sunk by a Japanese submarine. Argentum Exploration, under Marshall’s control, located and retrieved the silver from the Indian Ocean in 2017. Although Argentum initially claimed salvage rights, they acknowledged South Africa’s ownership but sought a recovery fee.
The Supreme Court affirmed South Africa’s sovereign immunity, protecting it from Argentum’s compensation claims, overturning earlier rulings from the High Court and the Court of Appeal. A settlement was negotiated between the parties just prior to the final judgement.
This legal resolution underscores the intricacies involved in the salvage of historical wrecks and the necessity for clear ownership and contractual agreements in such undertakings.
