Yoo is believed to have been the owner of the ferry that sank in April and claimed the lives of at least 294 people; ten bodies are still unaccounted for.
Police were able to determine it was the missing 73-year-old by matching up DNA and fingerprint samples.
"National forensic officials told us that a DNA test showed that it was him," said Suncheon Police Chief Woo Hyong-ho, according to the New York Times. "So far, we haven't found any sign that he was murdered."
According to CNN, the body was found next to an empty bottle of fish oil, three empty bottles of liquor and a handwritten book titled "Dreamy Love."
South Korean authorities have been searching for Yoo since May on charges of embezzlement, breach of trust and tax evasion.
The trial of the ferry's captain and 14 crew members began last month and so far at least 63 people have been charged in connection with the crash.