Polaris was found guilty of failing to report the converted bulk carrier’s defects, resulting in a fine of $12,426. Kim Wan-Jung, the 64-year-old CEO of Polaris, has also received a year’s probationary sentence. The Busan District Prosecutors’ Office has announced that it will appeal to a higher court regarding the sinking the Polaris Shipping-owned very large ore carrier (VLOC), which went down in the south Atlantic nearly three years ago with the loss of 22 lives.
