South Africa wins battle for US$43 million in sunken silver bars

It means that Argentum Exploration, the company that found and retrieved 2,364 bars of silver in 2017, cannot claim compensation from South Africa for recovering them.

The passenger ship SS Tilawa, also known as the “Indian Titanic” was sunk by Japanese torpedoes on November 23, 1942.  In addition to carrying more than 900 people, of which 280 died, the vessel held 2,364 silver bars that had been procured by the then Union of South Africa to be minted into coins.

The valuable cargo remained inaccessible until 2017, when a specialized salvage vehicle from Argentum Exploration, a British company owned by hedge fund executive Paul Marshall, successfully retrieved the silver — worth $43 million in 2020.

The bars were taken to the UK and claimed as Argentum’s property. The company later conceded South Africa owned the bars, but claimed compensation for recovering them. The finders argued that since salvaging is voluntary, they could request payment even though South Africa had not asked them to retrieve the silver.

Wednesday’s ruling said South Africa is protected by sovereign immunity against Argentum’s claim, which means the company cannot pursue further legal action against the country’s government.

“The parties concerned have now reached a settlement, which brings the matter to a close,” Ross Hyett, managing director of Argentum, said in an emailed statement.

Marshall, one of the UK’s most successful investors, owns several businesses, including Argentum and uses his personal wealth to finance media outlets such as Unherd and GB News.