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Case file s1480 · Ships and railways · 2014
2014
Ferry Sewol 1: ferry Sewol at the Port of Incheon
Ferry Sewol 1. jinjoo2713 (Naver User). Public domain, Wikimedia Commons.
Died
16 April 2014 (the sinking); Yoo Byung-eun found dead June 2014
Place
off Jindo, South Korea, and Suncheon, South Korea
Field
ferry shipping · Business and finance on the timeline
Legal tradition
Korean criminal law; state asset seizure and indemnity claims · Chinese and East Asian law
Historical event
The sinking of the MV Sewol

After the Sewol sank with 304 dead, the man prosecutors called its real owner fled, was found dead in a plum field, and the state went after his family's assets

The ferry Sewol capsized on 16 April 2014 with 476 people aboard, most of them students from Danwon High School. 304 died. Its operator was Chonghaejin Marine. Prosecutors alleged that Yoo Byung-eun, co-founder of the Evangelical Baptist Church in 1962, controlled the company through cross-shareholdings, with his two sons holding the shipping firm through I-One-I Holdings. He did not appear for questioning. An arrest warrant was issued on 22 May 2014, and the reward reached 500 million won. Police found his decomposed body in a plum field in Suncheon in June 2014 and confirmed his identity in July by DNA, dental and fingerprint checks. The cause of death was not determined. NBC News reported that civic groups criticised the six-week delay in identifying "the nation's most-wanted fugitive." The government put its costs at 403.1 billion won and sought to seize the assets of Yoo and Chonghaejin, and the Seoul Central District Court ordered seizures in July 2014. His eldest daughter, Yoo Som-na, 48, was arrested in Paris on 27 May 2014 on an Interpol notice, suspected of receiving funds from a Chonghaejin affiliate through her design firm. France extradited her in June 2017. A notice was also issued for her brother Hyuk-kee, a US permanent resident. The outcome of the state's claims against the family's assets by 2026 is not confirmed†.

What the law took from it

Holding a company through relatives and associates does not keep the state from following the money to the family.

Family version vs. the record

The church said in a 2014 statement published under a press arbitration order that Yoo retired from management in 1997, owned no shares and was not the Sewol's owner ( Prosecutors alleged he was the de facto owner through family holding companies (

Cite as: celebrity.estate, “After the Sewol sank with 304 dead, the man prosecutors called its real owner fled, was found dead in a plum field, and the state went after his family's assets,” story s1480, https://www.celebrity.estate/sewol-yoo-family-2014, updated 30 October 2026.

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