Doubts have been cast over a South Korean company’s claim to have discovered a sunken Russian warship that was carrying $130 billion in gold “treasure” off the Korean coast. The Seoul-based Shinil Group said Tuesday its divers discovered what a wreck it identified as the 6,200-ton Dmitrii Donskoi, which went down during the 1904-1905 Russo-Japanese war off an eastern Korean island. The company speculated about 200 tons of gold bars and coins that are worth 150 trillion won ($132 billion) would still likely be aboard the ship. It would provide evidence next week to support its claim. It was the “only entity in the world” to have discovered the ship, it said in a statement. The release was accompanied by photos and video of a wreck, including a section that appeared to show the ship’s name. “We believe there are gold boxes, and it’s historically proven,” company spokesman Park Sung-jin told Reuters. “The boxes were very tightly lashed, indicating there are really precious stuff inside.” The announcement though was disputed by the government-run Korea Institute of Ocean Science and Technology (KIOST), which told South Korean media that it discovered the wreck in 2003. The institute did not respond to a request for comment, but its website showed photos dated from 2007 of what it said was the wreck, along with maps of its general location. Other companies have made similar claims, but none has taken actual steps toward raising the wreck. One of them, Dong-Ah Construction, was accused of spreading false rumors to bump up its stock prices and later went bankrupt. Park said Shinil Group’s intention was to donate 10 percent of the treasure to South Korean President Moon Jae-in’s job creation efforts, as well as to inter-Korean development projects with North Korea. The Ministry of Foreign Affairs said it had not discussed the issue with Moscow. Russian scholars have said in the past that Russia was unlikely to put so much gold on a single ship and that it must have been much safer to move it by train. They also have said some gold coins could have been aboard the ship to pay the salaries of Russian navy officers. Some experts also said its unlikely that the Donskoi, a thickly armored warship with more than 12 artillery pieces, 500 sailors and presumably 1,600 tons of coal, would have had room for 200 tons of gold, which would be double the current gold reserves at South Koreas central bank. Even if the ship is hoisted and treasures are found, their ownership could be disputed. A South Korean Financial Ministry official responsible for the issue said that Russia may be able to claim ownership. Park disputed that, saying 80 percent of the potential treasures would belong to the company while the rest would go to a South Korean government coffer. He cited related South Korean law and an international court ruling on a similar case.