The Cheonon Incident On 26 Mar10, the South Korean Naval Ship Cheonon sank off the Coast of Korea. 46 South Korean sailors perished. A South Korean led international team of investigators determined that a torpedo fired from a North Korean submarine sank the Cheonon. North Korea however strongly refuted these allegations. This led to outrage in South Korea and the USA. The matter was discussed at the Asian Security Forum held at Hanoi recently. The US Foreign Secretary Hillary Clinton has announced a slew of sanctions designed to deny luxury goods to the North Korean elite and strangle funding for the nuclear program.