In this image taken from video released by Yonhap News Agency, Passengers from a ferry sinking off South Korea's southern coast, are rescued by South Korean Coast guard helicopter in the water off the southern coast near Jindo, south of Seoul, South Korea, Wednesday, April 16, 2014. More than 100 people were still unaccounted Wednesday several hours after a ferry carrying 476, most of them high school students, sank in cold waters off South Korea's southern coast, killing at least two and injuring 14, officials said. (AP Photo/Yonhap) KOREA OUT

Seoul -

South Korean President Park Geun-Hye on Tuesday denounced fugitive members of the ship-owning family linked to last month's ferry disaster, calling them the “root cause” of the tragedy that claimed around 300 lives.

The government has offered a half-million dollar reward for information leading to the arrest of Yoo Byung-Eun, patriarch of the family behind Chonghaejin Marine Co.

Chonghaejin owned and operated the 6 825-ton Sewol ferry that capsized and sank on April 16 with hundreds of high school students on board.

Yoo and his eldest son have become the targets of a massive manhunt after they ignored prosecutors' summons to surrender themselves for questioning.

Initial investigations suggest that lax safety standards and negligent business practices may have been a major contributor to the disaster.

“The Yoo Byung-Eun family, the root cause of the tragedy, is flouting the law and causing public fury at a time when it should repent in front of people and reveal the truth,” Park told a meeting of her cabinet.

“This is an absolutely unpardonable criminal act,” she said.

Yoo has no direct stake in Chonghaejin, but his children and close aides control it through a complex web of holding companies.

Prosecutors had offered an initial reward of $50 000 for information on Yoo's whereabouts, but upped the figure to $500 000 on Monday after days of fruitless searching.

A $100 000 reward was offered for his eldest son Yoo Dae-Kyun.

In the wake of the Sewol tragedy, President Park has had to contend with widespread public criticism of the rescue effort and lax regulatory oversight.

In a tearful address to the nation last week, she accepted personal responsibility and announced she would dismantle the coastguard in an overhaul of the national emergency response system.

Park has been very outspoken in her own criticism of the ferry's captain and surviving crew members, saying their decision to abandon ship while hundreds were still trapped was “tantamount to murder.” - Sapa-AFP