As mentioned, there may well be as many as a dozen individual
Spratly Islands that are claimed by four countries. But, though not
all the claims are crystal clear, Louisa Reef, the southernmost
feature of the group, could prove to be the only real estate in the
world that is claimed by five countries. And though it may not
technically be an island, as its highest elevation is reportedly
only 1 meter above mean sea level, still the tops of its defunct
lighthouse and of its obelisk marker, if indeed they still exist, are
likely to remain dry at high tide.
http://www.panagadivers.com/Diving/Reefs.htm

Also of possible curiosity value here is a coral formation that
distinctly resembles both a British Pound Sterling symbol AND a
Japanese Yen symbol, depending on which way you look at it.
http://www.mir.com.my/potpourri/places/mpwong/destination/loui
sa

Britain and Japan themselves, however, are among the
comparatively few countries that do NOT presently claim any of
these potentially valuable islands. Nevertheless, Japan did
claim them during World War II, and they may have been named
for a British sailor, who may also have claimed them.

Louisa Reef also appears to be the projected site of a
thaumaturgic mosque:
http://www.islamicfinder.org/getitWorld.php?id=34771&lang=

Latest diplomatic news:
http://www.newsflash.org/2004/02/hl/hl100252.htm
http://www.brunei-online.com/bb/thu/apr22w3.htm

But there is still no word from the expedition.

theia