The head of the operating company of the Sewol ferry, which sunk and killed more than 300 people in April, has been sentenced to 10 years in jail, Yonhap News Agency reported.
Kim Han-sik, the CEO of Chonghaejin Marine Co., was found guilty of involuntary manslaughter in Gwangju District Court Thursday.
In his ruling, Judge Yim Jung-yeob said: "Kim remodeled the ship and overloaded it with cargo in an effort to overcome the company's deficits despite being briefed that the ship's ability to balance itself was compromised."
He was also found guilty of violating maritime navigation law, as well as on embezzlement charges.
"Kim also caused losses to the company through embezzlement and professional malpractice," Judge Yim said.
Other executives at the company were sentenced to jail for between three and six years. Prosecutors alleged that the Chonghaejin had routinely overloaded their vessels in a bid to maximize profits, Yonhap reported.
On Nov. 11, the captain of Sewol was sentenced to 36 years in prison for his role in the disaster.
The ferry that sank near Jeju on South Korea's southern coast in April, killing 304 people in one of the country's worst disasters in decades. Many of the dead were pupils at the same school.