Japan’s Mitsui O.S.K. Lines Ltd paid about $29 million for the release of a ship seized by China over a dispute that dates back to the 1930s war between the countries, China’s Supreme Court said on Thursday.
Prosecutors investigating the fatal sinking of a South Korean ferry have raided the home of Yoo Byung-un, the head of a family that owns the Chonghaejin Marine Co. Ltd, the company that operated the ship. Kim Hoe-Jong, a prosecutor on the case, said Wednesday’s raid was part of a probe into “overall corruption in management”.
The International Convention on the Removal of Wrecks, adopted at a Diplomatic Conference organised by the International Maritime Organisation (IMO) in Nairobi in 2007, will enter into force on 14th April 2015, 12 months after ten states have ratified it. Those 10 States are: Bulgaria, Denmark, Germany, India, Iran, Malaysia, Morocco, Nigeria, Palau and the United Kingdom.