The captain of the South Korean ferry that capsized was arrested early Saturday, reportedly for negligence and abandoning the ship when the ferry started sinking.

Lee Joon-seok, 69, was accused of abandoning the ship and for failing to take action such as issuing evacuation orders sooner which, authorities said, could have saved many more lives.

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Lee did not comment on the accusations although he earlier issued an apology to the families of the dead and missing passengers.

"I am really sorry. I feel so ashamed. I don't know what to say," he said.

Investigating Officers said Lee was not at the helm when the ship started listing and that a junior officer was steering the wheel when the boat capsized. Lee reportedly jumped into a rescue boat while hundreds of the passengers were still on board.

Television footage and pictures showed Lee jumping into the rescue boat with the help of maritime police. Lee has been criticized for abandoning the ship 30 to 40 minutes after it started tilting.

Two arrest warrants against two crew members have yet to be served.

Three  bodies have been found within the cabins of the wreckage as 100 Navy divers, coast guards and private divers continued their search for the missing passengers underwater. The divers are having a hard time getting into the cabins because of low visibility and darkness.

Meantime, a school vice principal who has been missing since Thursday, was found hanging on a tree using his belt Friday. He was found hanging outside a gym near the Jindo gymnasium where the families are gathered.

The vice principal, identified as Kang Min-kyu, led the 325 high school and 15 teachers who were in their way to an island resort for their excursion.

He was one of those rescued by the search team. Reports said the rescuers started to look for him after a co-teacher reported him missing.

South Korean officials said 29 people have been confirmed dead while 273 remain missing.