A treasure hunting company backed by billionaire hedge fund tycoon Sir Paul Marshall has lost a legal battle over more than 2,000 silver bars recovered from a World War Two shipwreck. Argentum Exploration, which was founded by British racing car champion Ross Hyett and secured early financial support from Sir Paul, suffered a High Court defeat in a case revolving around the cargo of the SS Tilawa, which sank after being torpedoed twice by a Japanese submarine in November 1942. The vessel had been travelling from India to South Africa, transporting the precious metal from Bombay to Durban for the South African government to use it to mint new coins. The treasure lay on the seabed for 75 years before Argentum plotted an audacious rescue mission to bring the bars to the surface. Argentum recovered the loot, worth $43m (£34.4m) in today’s money, from the bed of the Indian Ocean in 2017. Led by Mr Hyett, the group dredged the bars from the ocean floor before putting them in storage in a Southampton warehouse believing they were commercial property rather than government-owned. However, the South African government subsequently claimed ownership of the silver, triggering a lengthy legal battle over who...