Friday, 24 February 2012

Odyssey treasure is on the way back to Spain

Hercules loading treasure
Treasure expected to arrive tomorrow at Torrejón base in Madrid
TAMPA, Florida USA Having lost all the legal appeals available to it, Odyssey Marine Exploration finally relinquished the treasure it found supposedly in the wreckage of the Spanish frigate Nuestra Señora de las Mercedes, which was sunk by the British Navy in 1804 ('Witjhout prior declaration of war' according to one Spanish source). The treasure, mostly of gold and silver coins from the Americas and valued at well over €500million, was loaded onto two Spanish Air Force Hercules C-130 cargo planes this morning. Aside from the 594,000 coins, there are also metal fragments, cannon balls (some of which may well have been made in Jimena!), as well as ingots of copper and tin, as well as other artifacts - all in 'diverse state of repair', according to a representative of Spain's Ministry of Culture in Tampa to check the treasure.>>>

Odyssey made an international splash when it discovered the wreck, believed to be the Nuestra Senora de las Mercedes, off Portugal's Atlantic coast near the Straits of Gibraltar. At the time, the coins were estimated to be worth as much as $500 million to collectors, which would have made it the richest shipwreck haul in history.

The ship was believed to have had 200 people aboard when it was sunk. Odyssey reported finding skeletons of children.

Spain went ahead with efforts to move the treasure despite a last-ditch, longshot claim to the treasure by Peru.

On Thursday, the Peruvian government made an emergency appeal to the U.S. Supreme Court seeking to block transfer of the treasure to give that nation more time to make arguments in federal court about its claim to being the rightful owner. But that appeal was denied last Friday by Justice Clarence Thomas.

Peru had argued the gold and silver was mined, refined and minted in that country, which at the time was part of the Spanish empire.

U.S. courts had previously rejected claims by descendants of the Peruvian merchants who had owned the coins aboard the Mercedes.

Odyssey - which uses a remote-controlled submersible to explore the depths and bring the tiniest of items to the surface - had previously argued that as the finder it was entitled to all or most of the treasure. The Spanish government filed a claim in U.S. District Court soon after the coins were flown back to Tampa, via Gibraltar and in secret, contending that it never relinquished ownership of the ship or its contents. A federal district court first ruled in 2009 that the U.S. courts didn't have jurisdiction, and ordered the treasure returned.

Odyssey had argued in federal court that the wreck was never positively identified as the Mercedes. And if it was that vessel, the company contended, then the ship was on a commercial trade trip - not a sovereign mission - at the time it sank, meaning Spain would have no firm claim to the cargo. International treaties generally hold that warships sunk in battle are protected from treasure seekers.

Odyssey lost every round in federal courts trying to hold on to the treasure. In a court hearing Feb. 17, the company was ordered by a federal judge to give Spain access to the treasure this week to ready it for transport. Odyssey said it would no longer oppose Spain's claims. Meanwhile, the court also ordered that Odyssey had to turn over some coins and other artifacts that are still in Gibraltar.

The company has blamed politics for the courts' decisions since the U.S. government publicly backed Spain's efforts to get the treasure returned. In several projects since then, Odyssey has worked with the British government on efforts to salvage that nation's sunken ships, with agreements to share what it recovers.

The company has said in earnings statements that it has spent $2.6 million salvaging, transporting, storing and conserving the treasure. But it is not expected to receive any compensation from the Spanish government for recovering it because the European nation has maintained that the company should not have tried to do so in the first place.

In Madrid, the Spanish Culture Ministry recently said the coins are classified as national heritage and — as such — must stay inside that country, where they will be exhibited in one or more Spanish museums. It ruled out the idea of the treasure being sold to ease Spain's national debt in a country grappling with a 23 percent jobless rate and a stagnant economy.
Sources: Europa Press, Tampa Tribune
(See also: Odyssey takes appeal to US Federal Court)

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