South Korea ferry disaster: Manhunt launched for mystery billionaire owner of sunken ship

Authorities offer $50,000 reward for information on the whereabouts of Yoo Byung-eun

seoul

The disappearance of a mysterious billionaire thought to own the ferry that sank last month, leaving more than 300 people dead or missing, has prompted authorities in South Korea to offer a $50,000 (£29,000) reward for information about his whereabouts.

The disappearance of Yoo Byung-eun and his son has caused a media frenzy in South Korea. Yoo is a member of a church that critics call a cult and have linked to a 1987 mass suicide. Yoo, 73, was thought to be holed up in a sprawling church compound near Seoul and there was a tense standoff between police and hundreds of church followers, some of whom reportedly threatened to die as martyrs. But Yoo was not there when church members finally opened the compound to authorities on Wednesday.

Some speculated that he may have fled to the home of a church follower. Prosecutors and police then announced the reward for information about Yoo’s location and $30,000 (£17,800) for details about his eldest son.

 

Yoo, head of the now-defunct predecessor of the ferry’s current operator, Chonghaejin, allegedly still controls the company through a complex web of holding companies in which his children and close associates are large shareholders. Senior prosecutor Kim Hoe-jong said authorities believe Yoo is the chairman of Chonghaejin.

Yoo faces allegations of tax evasion, embezzlement and professional negligence. Prosecutors have said they suspect that the sinking on 16 April may have happened because Chonghaejin illicitly funnelled profits to Yoo’s family and so failed to spend enough money on safety and personnel. His son, Yoo Dae-gyun, faces embezzlement allegations. Chonghaejin’s official leader, CEO Kim Han-sik, and four other employees have already been arrested.

Billionaire Yoo Byung-Eun, who has mysteriously disappeared Billionaire Yoo Byung-Eun, who has mysteriously disappeared (AP)
Officials suspect improper stowage and overloading of cargo may have contributed to the disaster. Tens of thousands of posters of Yoo and his son have been put up all over South Korea. Officers who capture either of the men will be promoted by one rank.

Yoo is said to be the leader of the Evangelical Baptist Church, sometimes known as the Salvation Sect, and critics allege that church members call him “Moses”.

Church members deny that and say Yoo is an ordinary member, but admit he has some influence, as the church was founded by his father-in-law.

AP

Start your day with The Independent, sign up for daily news emails
Voices
voices
News
general electionThis quiz matches undecided voters with the best party for them
Arts and Entertainment
Keira Knightley and Matthew Macfadyen starred in the big screen adaptation of Austen's novel in 2005
tvStar says studios are forcing actors to get buff for period roles
News
Prince William and his wife Catherine, Duchess of Cambridge show their newly-born daughter, their second child, to the media outside the Lindo Wing at St Mary's Hospital in central London, on 2 May 2015.
news
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksA celebration of British elections
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Ashdown Group: Trainee Consultant - Surrey/ South West London

£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...

Ashdown Group: Trainee Consultant - Surrey / South West London

£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...

Ashdown Group: Recruitment Consultant / Account Manager - Surrey / SW London

£40000 per annum + realistic targets: Ashdown Group: A thriving recruitment co...

Ashdown Group: Part-time Payroll Officer - Yorkshire - Professional Services

£25000 per annum: Ashdown Group: A successful professional services firm is lo...

Day In a Page

Fishing for votes with Nigel Farage: The Ukip leader shows how he can work an audience as he casts his line to the disaffected of Grimsby

Fishing is on Nigel Farage's mind

Ukip leader casts a line to the disaffected
Who is bombing whom in the Middle East? It's amazing they don't all hit each other

Who is bombing whom in the Middle East?

Robert Fisk untangles the countries and factions
China's influence on fashion: At the top of the game both creatively and commercially

China's influence on fashion

At the top of the game both creatively and commercially
Lord O’Donnell: Former cabinet secretary on the election and life away from the levers of power

The man known as GOD has a reputation for getting the job done

Lord O'Donnell's three principles of rule
Rainbow shades: It's all bright on the night

Rainbow shades

It's all bright on the night
'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

Bread from heaven

Dutch survivors thank RAF for World War II drop that saved millions
Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

How 'the Axe' helped Labour

UK will be 'run for the wealthy and powerful' if Tories retain power
Rare and exclusive video shows the horrific price paid by activists for challenging the rule of jihadist extremists in Syria

The price to be paid for challenging the rule of extremists

A revolution now 'consuming its own children'
Welcome to the world of Megagames

Welcome to the world of Megagames

300 players take part in Watch the Skies! board game in London
'Nymphomaniac' actress reveals what it was really like to star in one of the most explicit films ever

Charlotte Gainsbourg on 'Nymphomaniac'

Starring in one of the most explicit films ever
Robert Fisk in Abu Dhabi: The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers

Robert Fisk in Abu Dhabi

The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers
Vince Cable interview: Charging fees for employment tribunals was 'a very bad move'

Vince Cable exclusive interview

Charging fees for employment tribunals was 'a very bad move'
Iwan Rheon interview: Game of Thrones star returns to his Welsh roots to record debut album

Iwan Rheon is returning to his Welsh roots

Rheon is best known for his role as the Bastard of Bolton. It's gruelling playing a sadistic torturer, he tells Craig McLean, but it hasn't stopped him recording an album of Welsh psychedelia
Morne Hardenberg interview: Cameraman for BBC's upcoming show Shark on filming the ocean's most dangerous predator

It's time for my close-up

Meet the man who films great whites for a living
Increasing numbers of homeless people in America keep their mobile phones on the streets

Homeless people keep mobile phones

A homeless person with a smartphone is a common sight in the US. And that's creating a network where the 'hobo' community can share information - and fight stigma - like never before