The billionaire businessman who owned the South Korean ferry Sewol went missing shortly after the overcrowded ship capsized and sank in April, killing more than 300 people.  Now, South Korean police say they know what happened to their most-wanted fugitive.

73-year old Yoo Byung-eun is dead.  DNA samples from a body found in an orchard 300 kilometers south of Seoul last month matched those authorities collected from Yoo’s brother for comparison.  Cops had offered around A$500,000 for information leading to his arrest, so that they could question him on possible charges of embezzlement and criminal negligence, as prosecutors investigate whether the disaster was caused by mismanagement. 

Yoo headed the family business that owned Chonghaejin Marine, which operated the ferry.  Many of his family members are under arrest – his daughter is fighting extradition from France and his son is still on the run.

The Sewol overturned on 16 April, overloaded with cargo and passengers, including hundreds of high school students on a class trip.  Two separate trials, one for the ferry’s captain and crew, and another for Chonghaejin Marine officials, began last month.