DHAKA: Prosecutors in South Korea have detained the head of a company that owned the ferry that sank last month with the loss of more than 300 lives.

Chief executive of Chonghaejin Marine Kim Han-sik, 72, was taken into custody from his home on Thursday morning, reports the BBC.

Prosecutors said he faced possible charges including manslaughter and breaking maritime law.

Investigators believe the ferry was overloaded with cargo, which could have contributed to the boat capsizing.

‘I apologise to the victims and the families,’ Kim told media after his arrest, but did not respond to questions.

The ferry, carrying 476 people, was sailing from Incheon to Jeju Island when it sank on 16 April.

Only 172 people were rescued, with many others trapped inside the ship as it went down.

Most of the victims were students from a high school near Seoul who were on a trip to Jeju Island.

BDST: 1647 HRS, MAY 08, 2014