A deep-sea treasure-hunting firm part-owned by former Premier David Saul is at the centre of a storm after a US fund manager said it was run to benefit its executives, not its shareholders.

But Odyssey Marine Exploration (OMEX) hit back and branded the claims as “rumour and innuendo” and accused San Francisco’s Meson Capital Partners of attempting to drive down its share price.

A statement from Odyssey said: “The company believes this statement by the author, and the likelihood that this is part of an attempt to profit from a ‘short and distort’ strategy, calls into question the motivation and intent behind the allegations as well as the timing of its release. Accordingly, market authorities have been notified.”

The statement added: “The author never contacted the company for clarification or answers to his questions. Had he done so, Odyssey would have pointed out factual errors, incomplete information and erroneous conclusions which are rebutted by Odyssey’s public filings and other publicly-available information.

“Odyssey is confident its existing public disclosures are accurate in all material respects and that the company has provided a clear and concise explanation of all material information about the company its relationship with associated companies and individuals.

“Odyssey’s management believes that it is in the best interest of our shareholders to remain focused on business rather than debating or responding to rumour and innuendo.

“However, due to the number of enquiries to the company, management felt it important to reaffirm and stand by the accuracy of all information which has been released by the company.”

The spokesman added that Odyssey would also hold a press conference next week to “address the false and misleading statements and innuendo behind the allegations as well as the timing of the release.”

Dr Saul, who has been a director of Odyssey since 2001, referred requests for comment to the Florida company HQ.

Meson’s Ryan Morris — who listed Odyssey as a “strong sell” — said that he believed the firm’s stock was worth nothing and that if the firm was unable to raise equity it would be forced into bankruptcy “within the next six to 12 months.

He added that — despite a successful recovery of 61 tons of silver bullion from the wreck of the SS Gairsoppa off Ireland in a salvage operation carried out in 2012 and this year- the firm had averaged $20 million in losses over the past five years.

He added: “We believe the purpose of OMEX is to serve as a vehicle for OMEX insiders to live a life of glamour hunting the ocean while disappointed investors foot the bill.”

And he claimed that the firm’s plans to expand its work into deep-sea mineral exploration was “a pipe dream.”