Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Reward for tip-off on ferry owner boosted to $500k

26 May 2014, 19:16

Seoul - South Korea has boosted to half a million dollars a reward for tips about the mysterious billionaire who prosecutors say owns a ferry that sank last month, police said on Monday.

The ten-fold increase in the reward comes as officials struggle to find Yoo Byung-eun on allegations of tax evasion, embezzlement and professional negligence. Prosecutors have said that a failure to spend enough money on safety may be a reason for the 16 April sinking.

The sinking of the Sewol ferry left more than 300 people dead or missing, most of them high school students.

The $500 000 bounty is the same amount given if a South Korean citizen provides information about a North Korea-dispatched spy.

Police are also offering a bounty of $100 000 from Sunday, up from the previous $30 000, for Yoo's eldest son, according to the National Police Agency. He faces embezzlement allegations.

Yoo, head of the now-defunct predecessor of the ferry's current operator, Chonghaejin, allegedly still controls the company through a complex web of holding companies in which his children and close associates are large shareholders.

Senior prosecutor Kim Hoe-jong said authorities believe Yoo is the chairperson of Chonghaejin.

Five Chonghaejin employees have already been arrested. Authorities suspect improper stowage and overloading of cargo may have contributed to the disaster.

Prosecutors earlier this month indicted fifteen crew members tasked with the ship's navigation, four on homicide charges.

- AP


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Wilson Ochieng
DP Ruto accuses Raila of selling ...

DP Wiliam Ruto has castigated Raila Odinga for seeking western support to fund his 2017 election bid. Read more...

Submitted by
William Korir
Peter Kenneth announces Uhuru 201...

Peter Kenneth has announced that he will support President Uhuru Kenyatta in the 2017 elections. Read more...

Submitted by
Wilon Ochieng
Labour Party to dump both Jubilee...

The Labour Party of Kenya is likely to avoid supportoing both the CORD and Jubilee factions during the 2017 General Elections. Read more...

Submitted by
William Korir
Ukambani MP quits Jubilee, to run...

An Ukambani MP has quit the Jubilee Party, citing voter apathy as his reason behind leaving the ruling coalition. Read more...

Submitted by
Victor Tinto
Government launches probe into Po...

The government has launched an inquiry into the circumstances that could have led to two National Police Service helicopter accidents in August and September this year. Read more...

Submitted by
Wilwon Ochieng
Deputy Governor's ally found with...

The EACC has recovered KES 2 million in fake currency from a close ally of Deputy Governor for Tharaka Nithi Eliud Mati. Read more...