Ferry sank because it was overloaded

Charlie Campbell has a Time article about the South Korean disaster:

South Korean media reports say the Sewol ferry that capsized on 16 April 2014 was carrying three times more cargo than normal: some thirty-six hundred tons, despite a thousand-ton limit.
The Sewol ferry was dangerously overweight when it sank, according to reports appearing in South Korean media, as the official death toll from the disaster rose to 226 with 76 still missing.
Investigators looking into what caused the vessel to capsize have revealed that operators reduced its ballast water— vital to maintain stability— to make room for three times more cargo as usual, citing testimony from a first mate on the ship.
The Korea JoongAng Daily quoted a prosecutor on the investigation team as saying: “The crewman said that he asked the division head to stop loading cargo because the ship might sink because of its weight. It appears that such a practice was not uncommon.”
Despite a maximum cargo limit of a thousand tons, the ship was allegedly hauling nearly four thousand tons when it capsized off the country’s southwestern coast. Prosecutors have detained the captain and fourteen other crew members who deserted the sinking ship, and also raided the offices of owners Chonghaejin Marine and the homes of key executives.
The investigation is also looking into modifications that increased the number of cabins on the third, fourth, and fifth decks between October of 2012 and February of 2013. There are also unconfirmed reports that extra heavy machinery was added to the ship, but not included on its manifest.
The ferry had 476 passengers and crew on board, including 325 high school students, when it began to list heavily and eventually turned over on a journey from Incheon to the holiday resort of Jeju Island.

Rico says there's definitely got to be a hanging over this...