World's richest wreck?

US-based Sub Sea Research claims to have found, and plans to salve, the wreck, which has been code-named the Blue Baron.

Sunk by a U-boat in 1942, the British ship was carrying high-value goods for the US Treasury as part of the Lend-Lease scheme, under which America gave material support to the Allied war effort in return for payments.

It is claimed that the ship was carrying at least 10 tons of gold bullion, 70 tons of platinum, one and a half tons of industrial diamonds and 16 million carats of gem-standard diamonds - worth, calculates Sub Sea Research, some £2.6 billion today.

If the wreck turns out to be what the company says it is, a fever of rights claims from assorted parties is expected.