Decision ID: 003648

In October 2009 the 1992 Fund Executive Committee recalled that two seaweed culturists had, unlike all other claimansts, refused to accept the proposed settlement and commenced legal proceedings against the two vessels involved in the incident, the No7 Kwang Min and the No1 Chil Yang. It was also recalled that the 1992 Fund had taken recourse action against the owners of both these vessels. It was further recalled that the 1992 Fund had discontinued its action against the owner of the Non7 Kwang Min, since it was unlikely that the Fund would recover anything from that owner. The Executive Committee noted that in September 2009 the Korean Supreme Court had delivered a judgement upholding the decision made by the Busan District Court which had confirmed the 1992 Fund’s assessment of the claims presented by these claimants. It was noted that the limitation fund of KRW 125 638 796 of the No1 Chil Yang would be distributed between the claimants in proportion to the assessment made by the limitation court and that the 1992 Fund would receive 97.35% of the limitation fund, or KRW 122 million.