South Korean police have said a body found last month was that of a fugitive businessman who was the head of the family that operated a ferry that capsized in April, killing more than 300 people.

Police said the badly decomposed body was found in Suncheon on 12 June.

It was identified using DNA and fingerprints as that of Yoo Byung-un, the subject of the country's largest manhunt.

Mr Yoo was accused of embezzlement, negligence and tax evasion.

Police had been searching for him for more than two months.

It is unclear when he died.

The announcement came less than 24 hours after prosecutors apologised for failing to capture Mr Yoo when they made a periodic announcement on their investigation into the country's worst maritime disaster in 20 years.