Chonghaejin Marine Company Ltd. or Cheonghaejin Marine Company Ltd. () was a South Korean shipping company that operated the ferry MV ''Sewol'', which sank en route from Incheon towards Jeju in 2014. The ''Sewol'' capsized in the

Maenggol Channel The Maenggol Channel () or Maenggol Sudo or Maenggol Waterway is a sea channel named after the Maenggol Island south-west of the Korean Peninsula. Stretching wide between the Geocha Archipelago and the Maenggol Archipelago and running south-ea ...

carrying 476 people, mostly secondary school students from

Danwon High School Danwon High School (Korean: 단원고등학교, Hanja: 檀園高等學校) is a coeducational high school located in Danwon District, Ansan, South Korea. It is a state school, being under the authority of Gyeonggi Province's Office of Education ...

; 172 passengers and crew survived, while 304 were drowned or still missing.

Company

Chonghaejin Marine Company

Ltd. A private company limited by shares is a class of private limited company incorporated under the laws of England and Wales, Northern Ireland, Scotland, certain Commonwealth countries, and the Republic of Ireland. It has shareholders with limit ...

was set up on 24 February 1999, and became a key entity to consolidate

Yoo Byung-eun Yoo Byung-eun (Korean: 유병언; Hanja: 兪炳彥) was a South Korean businessman and inventor, who as a photographer was known under the art name Ahae. Yoo became the focus of Park Geun-hye’s administration shortly after the Sinking of MV Sew ...

's bankrupt company Semo's shipping business, taking over ships and assets held by Semo Marine, and had Semo's debts written off. Yoo Byung-eun's two sons are controlling the shipping firm through a majority

stake Stake may refer to: Entertainment * '' Stake: Fortune Fighters'', a 2003 video game * ''The Stake'', a 1915 silent short film * "The Stake", a 1977 song by The Steve Miller Band from '' Book of Dreams'' * ''Stakes'' (miniseries), a Cartoon Netw ...

in the

investment vehicle An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages inc ...

I-One-I Holdings as well as 13 unlisted

affiliates In the broadcasting industry (particularly in North America, and even more in the United States), a network affiliate or affiliated station is a local broadcaster, owned by a company other than the owner of the network, which carries some or al ...

which through a tangled web of ownership structure own each other. After ''Sewol''s sinking, the

Ministry of Oceans and Fisheries The Ministry of Oceans and Fisheries (MOF, ko, 대한민국 해양수산부), is a cabinet-level division of the government of South Korea. It takes overall responsibilities for maritime and fisheries sectors in general, ranging from the promoti ...

cancelled Chonghaejin Marine's license to operate ferries on the Incheon-Jeju Island route in May 2014. In mid June 2014, Chonhaiji Co. Ltd., a ship block maker controlled by the sons of businessman Yoo Byung-eun, and the major shareholder of Chonghaejin Marine Company with 39.4%, lodged its application for

receivership In law, receivership is a situation in which an institution or enterprise is held by a receiver—a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights"—especially in ca ...

at the

Changwon Changwon () is the capital city of Gyeongsangnam-do, on the southeast coast of South Korea. With a population of 1.07 million , Changwon is South Korea's ninth-most populous city. A port city, Changwon is bordered by Masan Bay to the south ...

District Court. Chonhaiji had billion (~ million) in outstanding debt to main creditor

Korea Development Bank Korea Development Bank (KDB Bank, SWIFT: KODBKRSE) is a wholly state-owned policy development bank in South Korea. It was founded in 1954 in accordance with The Korea Development Bank Act to finance and manage major industrial projects to expedit ...

. On 12 June 2014 a man's body was found in a field 415 kilometres south of Seoul. A few weeks later after forensic testing police revealed it was the body of Yoo Byung-eun. While foul play was ruled out, police said they had yet to establish the cause of death.

References

{{reflist, refs= {{cite web , url = http://big5chinese.visitkorea.or.kr/cht/SI/SI_CH_2_1_2_1.jsp?cid=332831 , script-title = zh:麗水白島(여수 백도) , publisher = Big5chinese.visitkorea.or.kr , language = Chinese , accessdate = 12 June 2014 , archive-url = https://web.archive.org/web/20140424012223/http://big5chinese.visitkorea.or.kr/cht/SI/SI_CH_2_1_2_1.jsp?cid=332831 , archive-date = 24 April 2014 , url-status = dead {{cite news , url = https://www.reuters.com/article/southkorea-ferry-bankruptcy-idUSL4N0P41QO20140623 , title = Major shareholder of S.Korean ferry operator applies for receivership , agency = Reuters , date = 23 June 2014 , accessdate = 2 July 2014 {{cite news , url = http://english.donga.com/srv/service.php3?biid=2014051223018 , title = Find all political, government leaders protecting Yoo Byeong-eon , work = The Dong-a Ilbo , date = 12 May 2014 , accessdate = 29 May 2014 {{cite news , url = http://www.koreatimes.co.kr/www/news/biz/2014/04/488_155884.html , title = Chonghaejin Marine's 'real' owner hunted , work =

The Korea Times ''The Korea Times'' is the oldest of three English-language newspapers published daily in South Korea. It is a sister paper of the ''Hankook Ilbo'', a major Korean language daily; both are owned by Dongwha Enterprise, a wood-based manufacturer ...

, date = 22 April 2014 , accessdate = 29 May 2014 {{cite news , title = Tycoon wanted in fatal South Korean boat capsize found dead , url = http://www.southkoreanews.net/index.php/sid/224021035/scat/3f5c98640a497b43/ht/Tycoon-wanted-in-fatal-South-Korean-boat-capsize-found-dead , accessdate = 23 July 2014 , publisher = South Korea News.Net , archive-url = https://web.archive.org/web/20140728202452/http://www.southkoreanews.net/index.php/sid/224021035/scat/3f5c98640a497b43/ht/Tycoon-wanted-in-fatal-South-Korean-boat-capsize-found-dead , archive-date = 28 July 2014 , url-status = dead {{cite news , url = http://www.tradewindsnews.com/casualties/339903/Korean-yard-files , title = Korean yard files , work = TradeWinds , date = 26 June 2014 , accessdate = 2 July 2014 {{cite news , last = Kim , first = Miyoung , url = http://uk.reuters.com/article/uk-korea-ship-company-idUKBREA3L0TS20140422 , title = Company that owned ill-fated South Korea ferry has chequered past , agency = Reuters , publisher = Uk.Reuters , date = 22 April 2014 , accessdate = 29 May 2014 {{cite news , url = http://english.chosun.com/site/data/html_dir/2014/05/13/2014051300779.html , title = Ferry Owner's Children Go Underground , publisher = English.chosun.com , date = 13 May 2014 , accessdate = 9 June 2014 {{cite news , last = Kang , first = Hyun-kyung , url = http://www.koreatimes.co.kr/www/news/nation/2014/04/113_156136.html , title = 'Salvation sect' suspected of backing Yoo's business , work =

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Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nik ...

, publisher = FT.com , date = 21 May 2014 , accessdate = 12 June 2014 {{cite web , last = Hong , first = Gil-dong , url = http://www.koreaherald.com/view.php?ud=20140422001171 , title = Travel ban slapped on ferry firm owner , work = The Korea Herald , date = 24 April 2014 , accessdate = 29 May 2014 {{cite news , last = Kim , first = Da-ye , url = http://www.koreatimes.co.kr/www/news/nation/2014/04/116_156406.html , title = Who controls Semo Group? , work = Korea Times , date = 30 April 2014 , accessdate = 29 May 2014 {{cite news , url = http://english.yonhapnews.co.kr/topic/2014/05/07/43/1302000000AEN20140507001153315F.html , title = (3rd LD) All-out efforts to search sunken ferry continue amid weak currents , work =

Yonhap Yonhap News Agency is a major South Korean news agency. It is based in Seoul, South Korea. Yonhap provides news articles, pictures and other information to newspapers, TV networks and other media in South Korea. History Yonhap (, , translit. ' ...

News , date = 7 May 2014 , accessdate = 7 May 2014 {{cite news , last = Park , first = Ju-min , url = https://www.reuters.com/article/us-southkorea-ferry-idUSBREA4K03M20140521 , title = South Korean sect submits to search for founder linked to doomed ferry , agency = Reuters , date = 21 May 2014 , accessdate = 29 May 2014 Shipping companies of South Korea Companies based in Seoul Transport companies established in 1999 Transport companies disestablished in 2016 South Korean companies established in 1999 2016 disestablishments in South Korea MV Sewol Companies that have filed for bankruptcy in South Korea