W20 Billion of Ferry Owner's Properties Seized

Prosecutors have seized nine properties of ferry owner Yoo Byung-eon in the course of an extensive investigation of the companies associated with the disaster off the southwest coast last month.

In conjunction with the National Tax Service, prosecutors have begun the process of freezing the assets of Yoo and his family, who face the responsibility of compensating the victims of the April 16 sinking as well as charges of embezzlement and tax evasion.

Some of the properties in Seoul and in Daegu owned by ferry owner and part-time cult leader Yoo Byung-eon Some of the properties in Seoul and in Daegu owned by ferry owner and part-time cult leader Yoo Byung-eon

President Park Geun-hye in a nationally televised address on Monday pledged to confiscate all assets that were amassed at the expense of public safety and use them to compensate the victims.

The NTS applied for court approval to seize Yoo's assets, including three plots of land in southern Seoul and several buildings. The court immediately approved the request.

The properties have all been registered in the name of Yoo's eldest son Dae-gyun (44) and are worth an estimated W20 billion (US$1=W1,022).

englishnews@chosun.com / May 20, 2014 09:36 KST