Another W19 Billion of Ferry Owner's Assets Seized

Prosecutors discovered an additional W19 billion in assets of ferry owner Yoo Byung-eon and his family and sought a court order to freeze them, the Incheon District Prosecutors' Office said Friday (US$1=W1,037).

Prosecutors have so far impounded W105.4 billion worth of Yoo's assets, including real estate, cash and art works. Yoo and his family members are accused of embezzling W244.1 billion from Chonghaejin Marine, which operated the sunken ferry Sewol, and other affiliates of their sprawling corporate empire.

The latest assets to be frozen include land and buildings in North Gyeongsang Province worth W8.6 billion as well as W10.4 billion in real estate belonging to Yoo that his confidante Kim Hye-kyung (52) had registered under her name.