The treasure, including gold coins and emeralds, is estimated to be worth between $4 billion USD and $20 billion USD. SSA argues that it located the wreck in the 1980s and provided Colombia with the coordinates. However, Colombia is denying this, citing discrepancies in the coordinates provided by SSA.

The San José galleon was sunk by the British Navy during the War of Spanish Succession. After remaining undiscovered for centuries, SSA (known as Glocca Mora at the time), partnered with Colombia in the 1980s to search for the wreck. In 1982, SSA submitted coordinates for the wreck’s location, but disagreements over the division of the treasure caused the wreck to remain untouched.

The case was brought back in 2015 when Colombia announced it had independently found the wreck. In response, SSA demanded compensation, claiming it deserved a $10 billion USD share of the treasure.

Colombia insists in defending its position. Yebrail Haddad, Director of International Defense at Colombia’s National Agency for the Legal Defense of the State (Andje), firmly rejected SSA’s claims. According to The Bogotá Post, he emphasizes that SSA did not discover the San José galleon. An investigation commissioned by Colombia from the Woods Hole Oceanographic Institution found that SSA’s 1982 coordinates were off by as much as 10 kilometers, bringing doubt on the validity of SSA’s role in locating the wreck.

The case is currently being heard by the Permanent Court of Arbitration in The Hague, with a ruling expected by the end of 2025. Haddad stated that Colombia will not entertain a financial settlement with SSA, pointing that the treasure rightfully belongs to Colombia and that no compromise is possible.

Alongside the legal battle, Colombia has continued its efforts to preserve and study the San José galleon. In December 2024, Colombia declared the wreck site an “Area of Archaeological Protection” to ensure its preservation and limit any interference with ongoing research, as informed by the Ministry of Culture.

The project “Towards the Heart of the San José Galleon” has made significant progress, cataloging over 1,100 objects and uncovering new details about the ship’s sinking. Contrary to previous beliefs, the ship did not explode during the Battle of Barú.

Headline Photo: Image of the first expedition of 2024 to the San José Galleon. New areas of archaeological interest were identified in it (Photo: Ministerio de Cultura)