South Korea Ferry Disaster Update: South Korean Prime Minister Chung Hong-won resigned over government response to the April 16 ferry disaster.

South Korea's Prime Minister Chung Hong-won took full responsibility for the slow initial response to the ferry disaster. Chung's resignation was approved by President Park Geun-hye. Chung will remain in his post until the rescue operation is completed.

In his statement Chung Hong-won said "It has been more than 10 days since the sinking accident occurred, but the cries from the family members who still not have found their missing keep me from sleeping at night. I bow my head and express my condolences to the victims' portraits of this accident. I apologize deeply to the bereaving families, and I pray for a quick recovery from the hurt of a slow recovery.

"Keeping my post is too great a burden on the administration. ...On behalf of the government, I apologize for many problems from the prevention of the accident to the early handling of the disaster. There are too many irregularities and malpractices in parts of society that have been with us too long and I hope those are corrected so that accidents like this will not happen again."

The Sewol ferry sank during a routine trip south from the port of Incheon to the island of Jeju, which is a traditional holiday destination, on April 16. More than 300 people are presumed dead. Most of the victims of the South Korean Ferry disaster were students and teachers on a field trip from the Danwon High School, which is  on the outskirts of Seoul. The confirmed death toll on Sunday was 187.

The South Korean government initially announced that everyone from the ferry had been rescued, which brought attention to the country's poor regulatory controls. South Korea is Asia's fourth-largest economy. It is a leader in manufacturing and exports. It is one of the world's most technically advanced countries, but it's regulatory controls have proven out of date.

Prosecutors raided two shipping safety watchdogs, a coastguard office and two vessel service centers that act as maritime traffic control during their investigation.