Chonghaejin Marine Company Ltd. or Cheonghaejin Marine Company Ltd. (Korean: 청해진해운; Hanja: 淸海鎭海運[1]; RR: cheong-hae-jin-hae-un) was a defunct 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 carrying 476 people, mostly secondary school students from Danwon High School; 172 passengers and crew survived, while 304 drowned or are still missing.[2][3]
 | |
Native name | Hangul: 청해진해운 Hanja: 淸海鎭海運 |
|---|---|
| Company type | Shipping |
| Founded | 24 February 1999 |
| Defunct | 9 May 2016 |
| Fate | Bankruptcy after Sinking of MV Sewol |
| Headquarters | , South Korea |
Key people | Kim Han-sik, CEO Yoo Byung-eun (former Chairman) |
| Products | Shipping |
The same year after the disaster, the shipping company filled for bankruptcy in June, and was officially dissolved in May 2016.
Company
editChonghaejin Marine Company Ltd. was set up on 24 February 1999, and became a key entity to consolidate Yoo Byung-eun's bankrupt company Semo's shipping business, taking over ships and assets held by Semo Marine, and had Semo's debts written off.[4][5][6][7][8] Yoo Byung-eun's two sons are controlling the shipping firm through a majority stake in the investment vehicle I-One-I Holdings as well as 13 unlisted affiliates which through a tangled web of ownership structure own each other.[9][10][11][12] After Sewol's sinking, the Ministry of Oceans and Fisheries cancelled Chonghaejin Marine's license to operate ferries on the Incheon-Jeju Island route in May 2014.[13]
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 at the Changwon District Court. Chonhaiji had ₩34.8 billion (~US$34.19 million) in outstanding debt to main creditor Korea Development Bank.[14][15] 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.[16]
History
editChonghaejin Marine Company Ltd. was established on 24 February 1999, is a South Korea shipping company known for its involvement in passenger and freight transportation. The company's operations began with a focus on domestic ferry services, primarily connecting the mainland to various islands along the coast of South Korea.
Over the years, Chonghaejin expanded its fleet and services, becoming a significant player in the ferry industry. The company operated several vessels, including large ferries capable of carrying passengers and vehicles, catering to both tourists and local commuters.
One of the most notable events in the company's history was the tragic sinking of the MV Sewol on April 16, 2014. The disaster resulted in the loss of 304 lives and raised significant concerns about maritime safety practices in South Korea. Following the incident, Chonghaejin Marine faced intense scrutiny and criticism regarding its operations, safety protocols, and the handling of the tragedy. The company was subsequently involved in legal battles and underwent structural changes to address the shortcomings exposed by the incident. Chonghaejin Marine was officially dissolved on 9 May 2016.
References
edit- ^ 麗水白島(여수 백도) (in Chinese). Big5chinese.visitkorea.or.kr. Archived from the original on 24 April 2014. Retrieved 12 June 2014.
- ^ "(3rd LD) All-out efforts to search sunken ferry continue amid weak currents". Yonhap News. 7 May 2014. Retrieved 7 May 2014.
- ^ Mundy, Simon (21 May 2014). "South Korean sect ends stand-off over Sewol ferry disaster". Financial Times. FT.com. Retrieved 12 June 2014.
- ^ Kang, Hyun-kyung (26 April 2014). "'Salvation sect' suspected of backing Yoo's business". The Korea Times. Retrieved 23 May 2014.
- ^ Kim, Miyoung (22 April 2014). "Company that owned ill-fated South Korea ferry has chequered past". Reuters. Uk.Reuters. Archived from the original on 5 March 2016. Retrieved 29 May 2014.
- ^ Lee, Ji-yoon (23 April 2014). "Scandalous owner family of Sewol". The Korea Herald. Archived from the original on 21 June 2014. Retrieved 28 May 2014.
- ^ "Find all political, government leaders protecting Yoo Byeong-eon". The Dong-a Ilbo. 12 May 2014. Retrieved 29 May 2014.
- ^ Hong, Gil-dong (24 April 2014). "Travel ban slapped on ferry firm owner". The Korea Herald. Retrieved 29 May 2014.
- ^ Seo, Ji-eun (26 May 2014). "Sects, money and tragedy have history in Korea". Korea JoongAng Daily. Korea JoongAng Daily. Archived from the original on 27 May 2014. Retrieved 27 May 2014.
- ^ "Chonghaejin Marine's 'real' owner hunted". The Korea Times. 22 April 2014. Retrieved 29 May 2014.
- ^ Park, Ju-min (21 May 2014). "South Korean sect submits to search for founder linked to doomed ferry". Reuters. Retrieved 29 May 2014.
- ^ Kim, Da-ye (30 April 2014). "Who controls Semo Group?". The Korea Times. Retrieved 29 May 2014.
- ^ "Ferry Owner's Children Go Underground". The Chosun Ilbo. 13 May 2014. Retrieved 9 June 2014.
- ^ "Korean yard files". TradeWinds. 26 June 2014. Retrieved 2 July 2014.
- ^ "Major shareholder of S.Korean ferry operator applies for receivership". Reuters. 23 June 2014. Retrieved 2 July 2014.
- ^ "Tycoon wanted in fatal South Korean boat capsize found dead". South Korea News.Net. Archived from the original on 28 July 2014. Retrieved 23 July 2014.