The South Korean government has increased the reward money for any tips on the whereabouts of the alleged owner of the Sewol ferry that sank on April 16.

Huffington Post reports that officials had announced Monday a $500,000 reward will be offered to anyone who can give information on the location of Yoo Byung Eun.

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This announcement came after more than a month of unsuccessful attempts at finding the billionaire.

It is worth noting that $500,000 is also the reward the South Korean government offers to citizens who would be able to proved information about North-Korean spies.

Yoo is currently a suspect on charges of embezzlement, tax evasion and professional negligence. Lawyers say Yoo's lack of willingness to spend for safety upgrades on the ferries may have caused the sinking of the ship.

Similarly, Yoo's eldest son is wanted on charges of embezzlement. The National Police Agency announced that the bounty for the son had also increased from $30,000 to $100,000.

According to reports, the missing billionaire still heads the company that holds control over the ferry operator, Chonghaejin. Kim Hoe Jong, a senior prosecutor in the case, believes that Yoo heads the company through various holding companies largely owned by his family and close associates, and subsequently, is the chairman of Chonghaejin.

The sinking of the Sewol ferry last month, which claimed at least 288 lives, is considered as the country's worst civilian sea disaster since the 1990s.

Until now, 16 people on board the ferry have yet to be found.

The government has already indicted at least 15 of the ferry's crew members. Five of Chonghaejin's employees were also indicted on grounds of professional negligence and going against laws of safe maritime navigation, officials of Gwangju's District Court announced Monday.

Among those charged was Chonghaejin CEO, Kim Han Sik. Reports allege that Kim was informed of the ferry's overloaded cargo but had not stopped it from leaving the port.

TagsYoo Byung Eun, South Korean ferry sinking, Chonghaejin, Kim Han Sik, negligent crew, negligence in ships, South Korea ferry, South Korea disaster, World News, South Korea news