 Chonghaejin Marine Company Ltd. was set up on 24 February 1999, and became a key entity to consolidate Yoo Byung-eun's bankrupt company Semo's shipping business, taking over ships and assets held by Semo Marine, and had Semo's debts written off.Yoo Byung-eun's two sons are controlling the shipping firm through a majority stake in the investment vehicle I-One-I Holdings as well as 13 unlisted affiliates which through a tangled web of ownership structure own each other.After "Sewol"'s sinking, the Ministry of Oceans and Fisheries cancelled Chonghaejin Marine's license to operate ferries on the Incheon-Jeju Island route in May 2014.