SEOUL (Reuters) - South Korean President Park Geun-hye formally apologized on Monday for the ferry disaster that killed more than 300 passengers, mostly school children, and said she would break up the coast guard that failed in the rescue mission.

The coast guard's rescue duty will be transferred to a national emergency safety agency to be set up and the national police will take over its investigative function, Park said in a nationally televised address.

(Reporting by Jack Kim; Editing by Choonsik Yoo)


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