SEOUL, South Korea (AP) — The head of the company that owns a South Korean ferry that sank and left more than 300 people dead or missing was formally arrested Friday as authorities worried he may destroy evidence, officials said.

Kim Han-sik, president of Chonghaejin Marine Co. Ltd, became the company’s fifth person under arrest after investigators raised suspicion that improper stowage and overloading of cargo might have contributed to the April 16 disaster. Kim is facing allegations that he was aware that the ferry exceeded its cargo limit but didn’t do anything to stop it from leaving port, according to prosecutors.