Lawyer: Korea Ferry Owners Accept Responsibilities

Joseph Keefe
Thursday, April 24, 2014

The family that has a major stake in companies that control the shipping operator whose ferry sank last week, likely to have killed hundreds, will take social and legal responsibility for the incident, its lawyer said.

The lawyer did not say that the family was assuming liability for what he termed a "tragic accident" and said that the family had not been summoned by prosecutors.

"Yoo and his family will take all legal and social responsibility for this tragic accident if they have to as major stakeholders of the company," Son Byoung-gi told Reuters.

Yoo Byung-un is the founder of a company that went bankrupt in the 1990s and whose shipping assets now form part of Chonghaejin Marine Co. Ltd. that is owned by investment funds controlled by his two sons, Yoo Dae-kyun and Yoo Hyuck-ki.

Prosecutors have raided both the company and Yoo's house as part of the search for evidence and financial regulators are looking at the company's borrowings and overseas businesses owned by Yoo and other family members.

"As far as I am aware, there are no financial irregularities such as tax evasion or asset transfers to the Yoo family," Son said.


Reporting by Miyoung Kim

 


People & Company News

MN100: MarineCFO

The Company: Founded in 1992, UA Business Solutions was a pioneer in the field of Enterprise Resource Planning (ERP) and an early Microsoft Partner. The ERP evolution

MN100: All American Marine, Inc.

The Company: All American Marine Inc. was founded in 1987 and specializes in the construction of custom tailored aluminum boats from 30 to 150 feet LOA. Today,

Five Minutes with Paul Switzer

Five minutes with Paul Switzer - Manager, Shipbuilding & Offshore, Viega   For readers not familiar with Viega, please give a ‘birds eye’ view, putting the company

Legal

Philippines: Sea Dispute Won't Shift Ties with China, U.S.

The Philippines' territorial dispute with China over the South China Sea has not caused Manila to rebalance diplomatic ties with either its ally, the United States,

Hanjin Shipping to Submit Self-Rescue Plan

South Korea’s Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy by Aug. 25, reports Korea Herald quoting local media.

US Coast Guard Announces Final TWIC Rule

The U.S. Coast Guard announced Tuesday the publication of the final rule concerning Transportation Worker Identification Credential (TWIC) reader requirements. The

Passenger Vessels

Lucas Marine, Harbor Breeze Cruises Partner to Cut Fuel Costs

Lucas Marine is partnering with Harbor Breeze Corporation to help reduce the yacht charter and cruise company's fuel costs, maintenance and environmental impact in Los Angeles and Long Beach Harbors.

Pods Versus Water Lubricated Props

Thordon Bearings has called on the marine industry to investigate the characteristics of both conventional seawater-lubricated propeller shaft systems and podded

TSA Boosts Maritime Security in a Big Way

Though most visible to the general public for its work at America’s airports, the U.S. Transportation Security Administration (TSA) also helps to secure the country’s

Salvage

26 Hours of Information Recovered from El Faro's VDR

A group led by the U.S. National Transportation Safety Board (NTSB) has gathered information from the recovered voyage data recorder (VDR) of sunken cargo ship

The Economics of Ship Breaking & Scrapping

Sometimes being an industry supplier offers interesting insights – your business is touched by the ups and downs of the charter market, but you are never so involved

Giant CMA CGM Ship Vasco De Gama Runs Aground

CMA CGM’s mega containership Vasco De Gama ran aground off the Port of Southampton on the UK’s south coast just after midnight on August 22, 2016, reported Fleetmon.

Casualties

26 Hours of Information Recovered from El Faro's VDR

A group led by the U.S. National Transportation Safety Board (NTSB) has gathered information from the recovered voyage data recorder (VDR) of sunken cargo ship

Giant CMA CGM Ship Vasco De Gama Runs Aground

CMA CGM’s mega containership Vasco De Gama ran aground off the Port of Southampton on the UK’s south coast just after midnight on August 22, 2016, reported Fleetmon.

Fire-stricken Ferry Moored Safely

The fire aboard the passenger vessel ferry Caribbean Fantasy has been extinguished, and the vessel has been moored safely at Pier 15 in San Juan Harbor, the U.S.

Maritime Safety

The Economics of Ship Breaking & Scrapping

Sometimes being an industry supplier offers interesting insights – your business is touched by the ups and downs of the charter market, but you are never so involved

Extreme Boat Lifts Installed in the Panama Canal

When the Republic of Panama needed lifts for a pair of its service boats, it turned to Golden Boat Lifts for the supply of two custom-designed 7,000 lb. capacity

Philippines: Sea Dispute Won't Shift Ties with China, U.S.

The Philippines' territorial dispute with China over the South China Sea has not caused Manila to rebalance diplomatic ties with either its ally, the United States,

Ferries

Fire-stricken Ferry Moored Safely

The fire aboard the passenger vessel ferry Caribbean Fantasy has been extinguished, and the vessel has been moored safely at Pier 15 in San Juan Harbor, the U.S.

Austal JV Wins First Ferry Contract

Aulong Shipbuilding, a joint venture company formed by Austal Limited and Guandong Jianglong Shipbuilding of Zhuhai, China, has won the first ferry contract to

Focus on Safety, Future Drive Operator Success

The Right Stuff: Innovation, Customer Service, Crew Welfare    The hallmarks of a successful vessel operator are the same whether they are carrying liquid, physical

Insurance

Investors to Acquire $1.5 bln Shipping Portfolio from NORD/LB

NORD/LB Norddeutsche Landesbank and KKR Credit have reached an agreement by which, subject to completion of certain conditions precedents, KKR Credit, together

Hong Kong Shipping Group Wants Aid to Arrested Ship's Crew

The Hong Kong Shipowners Association (HKSOA) on Thursday called on the city's authorities to provide assistance to the crew of a Hong Kong-flagged coal ship off

Grounded Bulk Carrier Refloated in Washington

The U.S. Coast Guard is responding to an incident involving a motor vessel that grounded in the Columbia River near Skamokawa, Washington, Friday night.   The motor vessel Rosco Palm,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0876 sec (11 req/sec)