Three relatives of billionaire shipowner Yoo Byung Eun, whose ferry sank with the loss of more than 300 lives in April, were convicted of corruption in Incheon District Court today.

Mr Yoo's body was discovered in a remote rural area in July after he became a fugitive from justice.

South Korean authorities allege that his corruption probably contributed to the ferry capsizing, revealing that Mr Yoo controlled the ferry operator through a complex web of holding companies in which his children and close associates are large shareholders.