It is now approaching one month since the passenger ferry Sewol sank off the coast of Jindo, South Korea. The whole world has watched the death toll rise to an official count of 275, with several dozen people still missing. Compounding the catastrophic loss of life is the fact that the majority of the victims were mere high school students on a field trip to popular Jeju Island.
Many South Korean citizens are lambasting the government for its response to the disaster. Several crew members, including the captain, have also been arrested during the ongoing criminal investigation.
In light of these events, one question that is currently on everyone’s mind is how on earth is the ship’s operating company going to handle the financial burden of this disaster? Join us as a lawyer knowledgeable about shipwrecks gives his preliminary monetary estimates.