Body of missing S.Korean shipping tycoon found

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SEOUL, South Korea -- South Korean police say they've found a body of a fugitive billionaire businessman sought over April's ferry disaster that left more than 300 people dead or missing.

Police officer Wu Hyung-ho told a televised news conference Tuesday that the body was found at a site in southern South Korea on June 12. He says results of DNA and fingerprint tests showed they matched those of Yoo Byung-eun.

Wu says it is not known how Yoo died.

Authorities believe Yoo was the owner the ferry and that his alleged corruption may have contributed to its sinking.

Police and prosecutors have seeking Yoo for months and had offered a $500,000 reward for tips about him.

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