Article content

South Korea has boosted to US$500,000 a reward for tips about the mysterious billionaire who the authorities believe owns a ferry that sank last month, police said Monday. Meanwhile, five employees at the ship’s operator have been indicted.

The bounty is the same amount given if a South Korean citizen provides information about a North Korea-dispatched spy.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or South Korea offers $500,000 reward for tips about missing billionaire Sewol ferry owner Yoo Byung-eun Back to video

The ten-fold increase in the reward comes as officials struggle to find Yoo Byung-eun on allegations of tax evasion, embezzlement and professional negligence. Prosecutors have said that a failure to spend enough money on safety may be a reason for the April 16 sinking.

The sinking of the Sewol ferry left more than 300 people dead or missing, most of them high school students.

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.”