ENDEAVORING  to preserve some of Panama’s underwater cultural heritage The National Institute of Culture (INAC) has  not extended the contract with the company Marine Research del Istmo S.A for the extraction of treasures of the galleon San Jose, which sank in the Las Perlas archipelago in the 17th century.

The contract between the State and the commercial firm was signed in 2003 and expired on August 28, 2015, although one of its clauses established an extension to continue the extraction of treasures.

However, INAC officials reported that they detected anomalies that led to the end of the marine concession and, the agency has withheld hundreds of coins that were confiscated from one of the company representatives while he was passing through a shopping mall.

INAC director Juan Francisco Guerrero said they have all the information needed to manage the legal part of the issue. "We will act according to the law, " he said.

Guerrero made reference to the Convention on the Protection of Underwater Cultural Heritage of the United Nations Educational, Scientific and Cultural Organization (UNESCO), whose function is to ensure the preservation of underwater heritage and fight against commercial exploitation.

Panama was the first country to sign this convention on protecting underwater heritage in 2001 and ratified it on May 20, 2003. However, that was the year it   granted the concession for the exploration of the Spanish galleon San Jose.

Panama  historian Rommel Escarreola, told La Prensa that the authorities took the right decision, to cancel any contract that gave this heritage in concession, as the coins originated in Latin America.

According to Escarreola, they must save this treasure in a museum to ensure safekeeping and the appreciation by nationals and tourists.

The Spanish Embassy in Panama said that the European country is "satisfied" that the commercial exploitation of the galleon has not been extended, because it means that Panama puts the underwater heritage in  the service of Panamanians  history and science and worldwide enjoyment", the embassy said in a note.

"The galleon San Jose is part of the shared history between Spain and Panama. Spain wants the objects found on the wreck to stay in Panama for Panamanians.”

The wreck of the San José is part of the underwater cultural heritage as defined in the UNESCO Convention on the Protection of the Underwater Cultural Heritage. All traces of human existence underwater which are one hundred years old or more are protected by the Convention. It aims at preventing the destruction or loss of historic and cultural information and looting. It helps states parties protect their underwater cultural heritage with an international legal framework