SOUTH Korean police reported today that a badly decomposed body found in a field last month was that of fugitive billionaire businessman Yoo Byung Eun.

Mr Yoo has been blamed for April’s ferry disaster that killed more than 300 people, mainly school students.

Local police commander Wu Hyung Ho said that DNA and fingerprint samples taken from the body matched those of the wanted man.

An initial investigation showed no evidence that he had been murdered, said Mr Wu.

Police and prosecutors had been seeking him since May and had offered a nearly £300,000 reward for information about him.

He is believed to have been the owner of the ferry and to have contributed to its sinking by funnelling profits to his family and failing to spend enough on safety and personnel.

Prosecutors said on Monday that 139 people have been arrested over the disaster, including all 15 crew members tasked with navigating the ship.