The Herald understands that members of the team, including coaches, were travelling in convoy after a day of training when the crash happened on State Highway 79, near Geraldine, about 3.15pm last Wednesday.
It is unclear what caused the crash, and the identities of the three people who died and whether they are athletes or wider team members are yet to be confirmed.
The Korean Ski Association said it hoped that a “seriously injured” athlete has a speedy recovery, adding it is “devastated” for the “parents, bereaved family members, coaches and fellow players who will be in mourning the most”.
A source close to the team spoke to the Herald from South Korea last week said those involved were “all ski racers”.
Aoraki Area Commander Inspector Vicki Walker said a 4WD and a people-mover were travelling in opposite directions when the crash happened.
”The vehicles have collided and the investigation will focus on exactly how that occurred,” she said.
The deaths have also been referred to the Coroner.
”Three of the deceased were travelling in the people-mover,” said Walker.
“Another person travelling with them was critically injured.”
The team were in New Zealand to compete at the Winter Games in Queenstown at Cardrona, Coronet Peak and The Remarkables.
The team had been training at Roundhill Ski Area at Tekapo. Videos were shared online of team members training on land and snow.
A spokesperson from the Korean Embassy in Wellington could not comment on the fatal crash.
“At this stage, we are unable to provide any information regarding this matter as the investigation is still on the way by the police,” they said earlier.