Korean prosecutors raid shipping safety watchdog after ferry disaster

INCHEON, South Korea, April 24 Thu Apr 24, 2014 2:18am EDT

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INCHEON, South Korea, April 24 (Reuters) - South Korean prosecutors said on Thursday that they had raided the shipping safety watchdog as part of their expanded investigation following the fatal sinking of a ferry.

The Sewol sank last week and more than 300 people, most of whom are students and teachers from the same school, have drowned or are missing presumed dead.

"The objective was to investigate malpractices and corruption in the entire shipping industry," Song In-taek, head deputy chief prosecutor at Incheon District Prosecution Service, told reporters.

The raid took place on Wednesday when prosecutors also raided the home of Yoo Byung-un, the head of a family that owns the Chonghaejin Marine Co. Ltd, the company that operated the ship.

Financial watchdog and prosecutors are looking into the assets of Yoo's family for any possible embezzlement, prosecutors added. (Reporting by Ju-min Park; Editing by Nick Macfie)

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