Owners of sunken ferry operator revealed to have 320 billion won in cash

AsiaToday reporter Park Byung-il = It was revealed that affiliates owned by Yoo Byung-eon, the former chairman of Semo Group and de-facto owner of Cheonghaejin Marine, and his two sons have capabilities to mobilize more than 300 billion won. Cheonghaejin Marine is the operator of the ill-fated ferry Sewol.

It means Yoo and his family members own financial power to offer up to 700 million won per person in compensation separate from insurance payments to the families of the Sewol ferry accident.

According to the Financial Supervisory Service on the 24th, Yoo‘s two sons has stakes in I-One-I Holdings and eight business affiliates and the total value of cashable assets, accumulated earnings, lands and buildings of these affiliates is worth 327.9 billion won.

The cashable assets and accumulated earnings of the these affiliates are 120.5 billion and the book value of their lands and buildings is 207.4 billion won.

The cashable assets and accumulated earnings of I-One-I Holdings, where Yoo’s two sons hold 19.44 percent each, are 80 million won and 22.7 billion won. The book value of its lands and buildings is 2 billion won.

So-called ‘Salvation Sect’ firm, Dapanda Co. owns 31.8 billion won in cashable assets and accumulated earnings and owns lands and buildings worth 19.1 billion won. Nearly 90% of Cheonghaejin Marine employees are members of the religious group called ‘Salvation Sect’.

Chonhaiji, which owns 39.4% stake of Cheonghaejin Marine, have assets of 108.4 billion won including buildings and lands worth 91.5 billion won. Other affiliates including Ahae (28.4 billion won), EGG AND SEED (6.2 billion won), Moonjin Media (59.1 billion won), Onzigoo (10.8 billion won), and Semo (27.3 billion won) have billions of assets.

Besides, as prosecutors have launched an investigation into alleged wealth drain and tax evasion by Yoo Byung-eon and his two sons, who reportedly own assets of nearly 300 billion to 400 billion won under borrowed names, more disposable assets are likely to come out.

Meanwhile, the family of Yoo Byung-eon revealed they would give compensate for the victims of the ferry disaster and their families but emphasized their personal assets are roughly 10 billion won.