Jail term demanded for son of South Korean ferry owner

SEOUL, South Korea – The eldest son of the South Korean tycoon blamed for April’s ferry disaster appeared in court Wednesday, October 8, on embezzlement charges, in the first court appearance by any member of the reclusive billionaire family on charges linked to the Sewol ferry disaster.

Prosecutors have called for a four year sentence for Yoo Dae-Kyun, 44, who has been charged with siphoning off more than $7 million from Chonghaejin Marine Co., the operator of the stricken ferry that sank in April, and its 6 sister companies between 2002 and late last year.

Three other family members – Yoo’s mother and two uncles – have also been arrested on charges of embezzlement from the business group. Yoo’s sister, Yoo Sum-Na, 48, is currently fighting extradition from France on similar charges.

The overloading of cargo on the Sewol and an illegal redesign has been blamed for the April disaster in which the ferry sank off South Korea’s southern coast, claiming more than 300 lives – most of them schoolchildren.

The badly decomposed body of Yoo’s father, Yoo Byung-Eun, who in addition to his substantial business interests also ran a religious group, was found in June. He had been the target of a massive manhunt connected to the ferry sinking.

The ship’s captain – currently on trial for murder in the city of Gwangju – has insisted that the ferry owners are the real culprits of the disaster as it was their decision to consistently overload the vessel.

“I am sorry,” Yoo said to the court before bowing to the judge, the prosecutors and the audience in turn.

Yoo’s defense lawyer has called for leniency in the sentencing, expected on November 5.

“The accused has a deep remorse over his wrongdoings and he has been praying for the dead victims,” he told the court.

The defense lawyer was later quoted by the Yonhap news agency saying that Yoo will divest to provide compensation for the disaster’s victims.

“The accused will dispose of all his assets to help compensate for the victims,” he said according to the news agency.

Prosecutors are also questioning one of the late Yoo’s key aides – who was repatriated from the US Tuesday – over assets the Yoo family may be hiding.

Kim Hae-Kyung, 52, who was arrested in Virginia in September, is suspected of involvement in the embezzlement of about $23 million from the religious organization headed by the elder Yoo.

The Sewol ferry disaster rocked South Korea and triggered a wave of anti-establishment feeling as investigations showed that greed, corruption and a lack of proper oversight had contributed to the tragedy. – Rappler.com