The body of billionaire Yoo Byung-eun, 73, who was a target of an investigation into corruption prosecutors believe contributed to the ferry sinking, was found June 12. His family owned Chonghaejin Marine Co., which included the ferry boat Sewol.
Yoo faced corruption charges that included embezzlement of 129.1 billion won ($125.1 million), breach of trust and tax evasion in the amount of 15.9 billion won ($15.4 million). However, the Incheon District Prosecutors' Office announced their conclusion of no legal basis for an indictment.
"We made the decision that there is no arraignment right as it is confirmed that Yoo had died," an investigator said.
Thus far, 34 people, including members of Yoo's family, have been indicted.
The ferry boat Sewol capsized off southwestern South Korea on Apr. 16. The bodies of 294 people aboard were recovered, and 10 more are missing and presumed dead.