The British cargo ship SS Gairsoppa, while steaming home from India in the service of the Ministry of War Transport in 1941, was hit by a torpedo from a German U-boat in the Irish Sea. She now lies at a depth of about 15,000 feet.
American salvage firm Odyssey Marine Exploration Inc was contracted to undertake the salvage work and has so far brought up more than 1,200 silver bars, or about 1.4 million troy ounces. As of mid-day Wednesday, it was worth about £23.7 million.
After expenses, 80% of the value of the haul goes to the recovery firm.
I realise that recovery from a depth of over 3 miles is no mean feat but the deal has been done on an 'after expenses' basis. So I think that it should have been 50/50.
But, in all probability, some overpaid civil servant is getting a fat backhander for his part in swindling the UK out of its fair share.
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