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| Investigators carry seized documents from a ‘paper' company owned by the second son of former Semo Group Chairman Yoo Byung-eun, in Seoul, Monday. Prosecutors are investigating Yoo and his two sons as they are the de facto owners of Chonghaejin Marine, operator of the sunken ferry Sewol. / Yonhap |
By Kim Da-ye
Prosecutors raided Monday four offices and residential properties belonging to the family of Yoo Byung-eun, the de facto owner of the sunken ferry Sewol, on suspicions that the family set up paper companies to raise secret funds.
The searched places included the office of Key Solution, a paper company owned by Yoo's second son in southern Seoul; the son's former residence in Daegu; an office of Moraeal Design in southern Seoul and a home of Ko Chang-hwan, the CEO of Semo, in Yongin, Gyeonggi Province.
Prosecutors seized documents and hard disks that show transactions among the affiliates of Semo Group. Yoo stepped down from the chairmanship of the group, which is currently controlled by his family members.
Yonhap News reported that the Incheon District Prosecutors' Office found evidence that Yoo's family set up several paper companies to raise secret funds. The three detected paper firms are Parrotbill owned by Yoo, Key Solution by his second son and SLPLUS by the eldest son.
The companies did not hire any consultants, but collected some 20 billion won in consulting fees from more than 30 affiliates of Semo in the last few years, Yonhap reported.
Yoo is also suspected of creating secret funds worth tens of billions of won by forcing the affiliates and devotees of the Evangelical Baptist Church, better known as "salvation sect," to buy photos taken by him, a self-claimed photographer.
The prosecution estimates the assets of Yoo and his family members at around 250 billion won. Prosecutors are examining the assets to decide how much of them can be frozen to compensate the victims of the fatal accident.
It is, however, expected to be a complex task because of the intricate structure of Semo Group.
Semo, the main affiliate of the group, owns 4.22 percent of shipbuilding affiliate Chonhaeji, which holds a 40 percent stake in Chonghaejin Marine, the operator of the ferry Sewol, according to the firm's audit report.
I-One-I Holdings has a 43 percent stake in Chonhaeji and 7 percent share in Chonghaejin Marine. Yoo's two sons hold a 19.44 percent stake each in I-One-I Holdings.
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