SEOUL (Reuters) - The company that owned the South Korean ferry which sank last week, killing possibly hundreds of people, sprang out of a shipping to cosmetics empire founded by a businessman who was jailed for fraud and then went bankrupt.
The founder of the predecessor company, Yoo Byung-un, once likened his 1997 bankruptcy proceedings to a captain going down with his ship. An investment vehicle run by his two sons and its shipbuilding affiliate are now the majority owners of Chonghaejin Marine Co. Ltd, the operator of the ferry that capsized.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
