MuAn, South Korea – Aekyung Group Chairman Jang Young-shin has issued a public apology following a fatal plane crash involving its subsidiary, Jeju Air, at Muan International Airport in South Jeolla Province.

In a statement released on Tuesday, AK Holdings, Aekyung Group's holding company, expressed deep sorrow and offered condolences to the victims and their families. "We are deeply sorry for the loss of precious lives in this tragic accident," the statement read. "We take full responsibility for this incident and will do everything in our power to support the victims and their families."

The company pledged to fully cooperate with the investigation and provide all necessary assistance to the authorities. AK Holdings also stated that it would listen attentively to the voices of the victims' families and provide any necessary support.

"We would like to once again offer our deepest apologies to the victims, their families, and the entire nation," Chairman Jang said.

The crash occurred on Monday morning when a Jeju Air passenger plane, carrying 181 passengers and crew, burst into flames upon landing at Muan Airport. Tragically, 179 people lost their lives, making it one of the deadliest aviation accidents in South Korea's history.

AK Holdings, which owns a 50.37% stake in Jeju Air, has mobilized its employees to respond to the crisis.