Gold bars worth $10.5m found hidden in crate during Belgian building renovation

Belgian public broadcaster VRT and other outlets reported Friday (local time) that gold bars and coins worth 14.8 billion won ($10.5 million) were discovered at a building renovation site in Belgium.

According to the reports, construction workers found 49 gold bars and a pile of gold coins hidden inside a crate in the below-ground floors of a building owned by social welfare organization CAW Oost-Vlaanderen in Dendermonde on Monday, and reported the find to authorities.

The gold bars and coins were estimated to be worth 9 million euros.

Kobe, an 18-year-old university student working a part-time job laying sewer pipes, said he initially thought the coins were 1-euro pieces. He added that he briefly considered pocketing some but gave up because there were too many.

Mario, the site supervisor, said new coins and gold bars kept turning up, and that was when it finally sank in. "I've worked in construction for 33 years, but I've never seen anything like this," he said.

The building previously served as a brewery and was being renovated for welfare and residential use. Police seized the gold at the scene and are investigating its origin and how it came to be hidden there.

Attention has also turned to who will ultimately own the gold.

Under Belgian law, the original owner has five years to come forward and claim it. Authorities, however, suspect the funds were concealed illegally.

If no owner emerges after five years and the gold is found to have no criminal connection, the finder and the landowner will each receive half.

Geert Hillaert of CAW Oost-Vlaanderen said the organization would use any ownership it receives to expand shelter facilities for the homeless. "It would be a very welcome contribution to easing the difficulties we face every day," he said.

Dendermonde police said they hoped the unexpected discovery would change many people's lives for the better.