Police Investigate Stella Daisy Ship Polaris Shipping Executives for Embezzlement Charges

The deep-sea search vessel for the 'Stella Daisy' has arrived at the accident site. / Photo by Yonhap News

The police are investigating the Polaris Shipping management for allegations of breach of trust. Polaris Shipping is the shipping company of the Stella Daisy, which sank in the Atlantic Ocean in 2017.

The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency sent investigators on the 28th to the Polaris Shipping chairman's office, the management planning headquarters, and the finance team located in Jongno-gu, Seoul, to secure accounting books and computer hard disks.

The police plan to confirm allegations that co-CEOs Kim Wan-jung and Han Hee-seung caused damage by embezzling 50 billion KRW of Polaris Shipping funds under the pretext of loans to the holding company Polar Energy & Marine to defend their management rights.

The Stella Daisy was carrying 260,000 tons of iron ore when it sank in the South Atlantic Ocean around 11:20 PM (KST) on March 31, 2017. Of the 24 crew members, 22 went missing in the accident.

CEO Kim was indicted for violating the Ship Safety Act and was sentenced to six months in prison in the second trial in 2021; he is currently awaiting the Supreme Court's decision. He was also indicted in March last year for professional negligence resulting in death and shipwreck charges. Polaris Shipping, a mid-sized bulk shipping company, is currently on the market for mergers and acquisitions.

This content was produced with the assistance of AI translation services.