[THE INVESTOR] Finance Minister Yoo Il-ho on Sept. 6 called on Hanjin Group to take responsibility for the global paralysis of maritime cargo delivery stemming from court receivership of its debt-laden shipping unit.

The court receivership of Hanjin Shipping has triggered snowballing logistic chaos across the world over the last few days, with more than 60 carriers having been stranded at sea and ports due to asset seizure requests by creditors.

The South Korean government formed a task force to direct such vessels to selected offshore ports, including Singapore and Hamburg, where safe freight unloading can be guaranteed, in order to help Hanjin ships have their cargo safely offloaded at the port.

“The responsibility for cargo delivery falls on the consignor and the shipper under the bilateral contract. So, Hanjin Shipping and its major shareholder are responsible for it in the first place,” Yoo told reporters while accompanying President Park Geun-hye on her visit to Hangzhou, China, to attend the G-20 summit meeting.

“Under the premise of Hanjin‘s full accountability for unpaid unloading fees, the company and its creditor banks can discuss ways to raise funds with the court.”

The minister said he will convene a minister-level meeting on Sept. 7 in Seoul to look into the development of the issue and seek further countermeasures.

“The government is making all-out efforts to minimize damage and loss of consignors,” he said. “The Korean government-led response teams will be formed in the selected offshore ports to swiftly receive stay orders or guaranteed protection.”

(theinvestor@heraldcorp.com)