Ferry disaster family convicted

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Published: Wednesday 5th November 2014 by The News Editor

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Three relatives of the owner of a ferry that sank in South Korea have been convicted of corruption, four months after the tycoon was found dead on the run.

The body of fugitive billionaire Yoo Byung-eun was discovered in rural South Korea in July after a massive manhunt.

Authorities believe his alleged corruption probably contributed to April’s sinking that killed more than 300 people.

Yoo’s eldest son, Yoo Dae-gyun, was sentenced to three years in prison over embezzlement and breach of trust.

Two brothers of Yoo Byung-eun were also convicted of similar corruption charges.

One brother got a two-year prison term and the other a suspended prison term.

The Yoo family controlled the ferry operator through holding companies.

Published: Wednesday 5th November 2014 by The News Editor

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