Head Of Sunken Ferry's Owner In S. Korea Detained

In this April 17, 2014 photo, Kim Han-sik, president of Chonghaejin, is escorted by helpers to hold a press conference at Incheon Port International Passenger Terminal in Incheon, South Korea. South Korean prosecutors on Thursday, May 8, 2014 detained Kim, the head of the company that owns the ferry that sank last month, over an allegation of cargo overloading.(AP Photo/Yonhap) KOREA OUT
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SEOUL, South Korea (AP) — South Korean prosecutors on Thursday detained the head of the company that owns the ferry that sank last month over an allegation of cargo overloading.

Authorities believe improper stowage and overloading of cargo are one possible reason the ferry sank on April 16, leaving more than 300 people dead or missing. Four employees at the ferry's owner Chonghaejin Marine Co. Ltd, who handled cargo on the Sewol, have already been arrested.

Kim Han-sik, president of Chonghaejin, was detained Thursday ahead of his possible formal arrest on allegations that he was aware that the ferry exceeded its cargo limit but didn't do anything before it started it trip, according to senior prosecutor Yang Jung-jin.

"I feel very sorry for the victims .... their family members. I committed a grave sin," Kim, wearing a cap and a mask, told reporters at a detention facility in the southern port city of Mokpo, according to South Korean TV footage. He declined to comment on questions over alleged cargo overloading.

Yang said prosecutors are investigating Kim's actions before deciding if they will request a court to issue a warrant to formally arrest him.

All 15 surviving crew members involved in the ferry's navigation have been arrested, accused of negligence and failing to protect passengers.

More than three weeks after the sinking, 269 bodies have been retrieved but 35 others are still listed as missing. South Korea's prime minister said Wednesday that officials must try to complete the search for the missing by Saturday as tidal currents were forecast to be weak until then.

But no progress has been reported as divers have failed to recover additional bodies since Wednesday afternoon due to high waves and strong winds, government task force spokesman Ko Myung-seok said.