The prosecution has decided to re-seek an arrest warrant for the fugitive owner of the sunken ferry Sewol in case they fail to catch him by next week, officials said Sunday.

Yoo Byung-eun, 73, who is believed to own Chonghaejin Marine Co., has been at large since the marine disaster on April 16 that claimed more than 300 lives and left 11 missing.

Prosecutors have carried out a massive manhunt for Yoo for months but have so far failed to locate his whereabouts.

His arrest warrant is set to expire on July 22.

"We will do our utmost to catch him before the deadline," said an official from Incheon District Prosecutors' Office in charge of the investigation into the ferry accident.

"If we fail, we will re-seek the arrest warrant and continue our operation."

Investigators have arrested 25 of Yoo's family members and aides, including his elder brother and wife.

They suspect that corruption by the owner family resulted in lax safety practices, such as cargo overloading, and created conditions that ultimately led to the disaster.(Yonhap)