Among their many claims, Sulu sultans contend that approximately $3 trillion in gold is being held in international banks—wealth they insist rightfully belongs to the Sultanate. Image Source: Getty

Tales of the Sultanate’s supposed wealth circulate through a curious blend of colonial legacy, global banking intrigue, and modern myth-making. At the heart of the claim are Fr. Jose Antonio Severino Romana and Jose Antonio Diaz, alleged “custodians” of enormous wartime gold deposits. According to the Sultanate’s self-proclaimed heirs, this gold was entrusted to these men for safekeeping during World War II to prevent its seizure by Japanese forces or later Cold War exploitation.

The Sultanate of Sulu—once a maritime empire with influence across the Sulu Archipelago and northern Borneo—is now most prominently associated with a litany of historical and modern claims, with the gold narrative standing out as one of the most sensational. The heirs insist the fortune is rightfully theirs, locked away in secret accounts and shadowy trusts.

Further muddying the waters, a 2022 Medium article, The ‘Ill-Gotten Wealth’ of the Philippines (Veritas Triae), ties the gold to a vast conspiracy involving the Tallano family, suggesting that the treasure was transferred to the Vatican at one point. The article presents a more layered and historically nuanced view, positing that if any transfer occurred, it may have been orchestrated by Marcos-era intermediaries or political allies—not the Sultanate itself. This interpretation raises the possibility that the Sulu heirs’ current claim is not a direct continuation of a legitimate inheritance, but rather a retroactively constructed claim to tap into broader Filipino conspiracy lore. Some claims assert that this very hoard is what the Sultanate now seeks to reclaim.

Fantasy Figures and Fractured Claims

Despite the myth’s persistence, there is no credible legal documentation that links the Sultanate or its heirs directly to any of the alleged gold. The figures involved are staggering—claims often cite amounts in the range of US$1 trillion to as much as US$3 trillion allegedly hidden across various accounts. But even if these claims were true, the contradictions are glaring. The Sultanate leased its beloved territory of Sabah to the British North Borneo Company in 1878 for an annual payment of 5,000 Mexican dollars—a widely accepted trade currency at the time—later adjusted by British authorities to approximately $1,500 US dollars per year in 1903. This historical arrangement highlights the stark contrast between the alleged control over trillions in hidden gold and the modest economic reality on record. Furthermore, despite generations of lofty claims, the Tausug people—the very community in whose name the Sultanate continues to speak—have never seen any tangible benefit from this supposed fortune. This valuation alone defies logic and reflects an extreme departure from historical economic realities.

The lack of transactional records and the implausibility of the sums involved undermine the credibility of the claim. Some documents name global financial giants like Citibank and UBS as custodians or intermediaries, but both institutions have publicly denied any involvement. Citibank, a major American bank, has been named in speculative documents, though no public statement verifying the allegation could be found. UBS, a leading Swiss financial institution, reportedly stated: “UBS does not manage, nor has it ever managed, any such account on behalf of the Sultanate of Sulu or any of the names mentioned.”

The New Civilization article provides further intrigue, listing not only Diaz and Romana, but also obscure entities like the “Spiritual Wonder Boy Foundation,” and individuals such as Jim Brown, as signatories on supposed trust accounts. Brown, an American financial consultant and advisor whose name appears repeatedly in these shadowy records, has faced opposition from the Sultanate’s heirs themselves. In a stunning show of internal rivalry, they have attempted to discredit him—despite evidence from the same sources they use that suggests his valid connection—through marriage to Luz Romana—believed by some to be the daughter and direct heir of Fr. Jose Antonio Severino Romana—who some claim is believed to be the rightful heir.

Characteristically, the Sultanate’s representatives appear less concerned with verifying historical truth than with monopolizing the myth. Their pursuit of control over alleged wealth includes undermining other claimants—even when those individuals are listed in the very documents the Sultanate circulates to prove its own case.

Characteristically, the Sultanate’s representatives appear less concerned with verifying historical truth than with monopolizing the myth.

Power Plays and the Currency of Myth

This relentless ambition, characterized by power plays, internal disputes, and baseless narratives, continues to significantly damage the Sultanate’s credibility. The Sultanate’s legacy, once rooted in regional leadership and maritime trade, is now entangled in conspiracy theories and self-serving narratives. Their refusal to collaborate with fellow claimants like Jim Brown, or to acknowledge the myth’s murky foundations, shows an appetite not for restitution or community development, but for exclusive control over an unverified legacy.

The myth of the Sultanate’s gold endures not because of evidence, but because of the power it offers those who invoke it. While the Sultanate of Sulu holds genuine historical importance, its modern heirs seem intent on using fantasy as currency—betting that with the right audience, myth can be turned into money.

REFERENCES

Asreemoro. (2008). Tausug & the Sulu Sultanate. Saba Islamic Media.

Malay Mail. (2013). CBCP vows to raise reports of human rights violations in Sabah to Vatican. https://www.malaymail.com/news/malaysia/2013/03/06/cbcp-vows-to-raise-reports-of-human-rights-violations-in-sabah-to-vatican/537039

New Civilization Network. (n.d.). Sulu Gold Account. https://www.newciv.org/nl/newslog.php/_v45/__show_article/_a000010-001025.htm

Veritas Triae. (2022). The 'Ill-Gotten Wealth' of the Philippines. Medium. https://medium.com/@VeritasTriae/the-ill-gotten-wealth-of-the-philippines-96f9030a88c9