Disaster Firm's Ferry Auctioned Off at Rock-Bottom Price

      January 16, 2015 12:25

      A ferry owned by Chonghaejin Marine, the operator of the Sewol that sank last year killing hundreds of passengers, was auctioned off for a dirt-cheap price on Wednesday.

      Information provider GG Auction said Wednesday that three bidders submitted offers for the ferry, which is identical to the Sewol, and that the vessel sold for W2.84 billion (US$1=W1,082).

      The buyer's identity was not disclosed.

      The 6,322-ton ferry was built in 1989. The court tried to sell the vessel four times but failed due to the high reserve price of W10.51 billion.

      The government has seized the assets of Yoo Byung-eon, the late owner of Chonghaejin Marine, to compensate the families of the victims and cover the costs of the drawn-out search operation.

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