A company controlled by millionaire hedge fund boss Sir Paul Marshall has lost a legal battle with South Africa over £34million of silver rescued from a Second World War shipwreck.
The UK’s Supreme Court sided with the government in Pretoria which argued it did not owe Marshall’s salvage company payment for finding the treasure in the Indian Ocean.
The silver was bought by the then Union of South Africa from India in 1942 but lost when the ship was torpedoed by a Japanese submarine.
Argentum Exploration found the 2,364 silver bars in 2017 from the wreck of the SS Tilawa.
The passenger ship was sunk en route to South Africa, resulting in the death of 280 people.
Argentum, controlled by Marshall, retrieved the bars at a depth of 2.5km in 2017 and took them to the UK to claim salvage rights, with the treasure valued at £34million in 2020.
It accepted South Africa owned the loot but claimed compensation for finding them.
However, the Supreme Court yesterday ruled the country had sovereign immunity from Argentum’s claim.
The parties have agreed a settlement.
Marshall, who has a fortune of around £680million, heads Marshall Wace, a hedge fund with £52.3billion in assets.
He is an investor in broadcast channel GB News but recently stepped down from the board amid rumours he is considering a bid to buy The Daily Telegraph newspaper.
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