South Korean authorities are cracking down on the company that operated the passenger ferry that sank last month , a disaster that killed hundreds of people and shocked the nation . The chief executive of Cheonghaejin Marine Company , the ferry operator , was arrested Thursday and is facing charges including causing death by negligence , said Yang Joong-jin , a senior prosecutor in the investigation . At the same time , the government has begun to take steps to revoke the company 's business licenses , the the Ministry of Oceans and Fisheries said . The planned measures are aimed at taking away the licenses of the company for all its routes , including the one on which the Sewol passenger ferry sank , leaving more than 260 people dead and dozens still missing . Most of the dead and missing are students , all from the same high school , who were taking the ferry to the resort island of Jeju for a field trip . The stunning loss of life has shaken South Korea , raising troubling questions about safety standards and government oversight of businesses . President Park Geun-hye has apologized over the government 's handling of the disaster and pledged to overhaul safety systems to try to prevent accidents in the future . Prosecutor : CEO arrested , charged in South Korea ferry disaster . Excess cargo blamed . Kim Han-sik , the chief executive officer of Cheonghaejin Marine , was arrested in connection with allegations that excessive cargo a played a role in the April 16 sinking , Yang said . Investigators have said the amount of cargo , more than double the ferry 's limit , and the failure to tie it down properly was partly responsible for the sinking of the Sewol , which was carrying 476 passengers and crew . Speaking to reporters Thursday with his face covered , Kim apologized for the disaster . `` Victims of Sewol ferry and their bereaved families , I am sorry , I am sorry . I have committed crime that can only be paid back with my life , '' he said in comments broadcast on South Korean broadcaster YTN . Several other of the company 's employees have been indicted in the case , along with the ship 's captain and more than a dozen crew members . Authorities have searched the company 's offices as part of the criminal investigation . 'Serious problems ' The government , meanwhile , plans to take away the company 's licenses for all its routes , including the one on which the Sewol sank , said Nam Jae-heon , an official at the Ministry of Oceans and Fisheries . `` Normally , we would cancel route by route , but in this case of Chonghaejin Marine Co. , it is not just the route that is problem ... there are serious problems with firm 's entire business practices , '' Nam said . `` We have decided not to wait for the investigation results from the prosecutor , as would have been the standard practice , but to go ahead with the revocation of the business licenses as soon as possible since there is enough evidence out there to support the revocation , '' he said . Chonghaejin Marine did n't immediately respond to requests for comment from CNN . At least 269 people died in the disaster , which happened while the ferry was traveling from Incheon to Jeju , off South Korea 's southwestern coast . Thirty-five people still are unaccounted for , according to the country 's coast guard . Search continues . Divers are still searching the submerged vessel for the missing people , braving frigid waters , strong currents and corridors clogged with debris . Last week , one of the divers died while working to recover bodies . The ill-fated voyage trip was n't the first time the ferry had an excess cargo , a joint investigation team told reporters earlier this week . Since the Sewol began the Incheon-Jeju route in March 2013 , the ferry carried excess cargo 139 times , investigators said . Cheonghaejin Marine earned an extra 62 million South Korean won ( $ 62,000 ) for the excess cargo on the April 16 voyage , and nearly 3 billion South Korean won ( $ 2.9 million ) in extra profit for all of the excess cargo that the ferry carried since March 2013 , investigators said .
The government is moving to revoke the ferry operator 's business licenses . Comment: Authorities have arrested the company 's chief executive ; he faces charges including causing death by negligence . Searchers have recovered 269 bodies from the sunken ferry ; another 35 people remain missing .