Police were to hand over the body of a billionaire who owned a ferry that sank in southern waters, causing the loss of about 300 lives, to his family later on Monday, a police source said.

A Christian sect co-founded by Yoo Byung-eun will then place his body inside Geumsuwon, its headquarters in Anseong, about 80 kilometers south of Seoul, for several days and hold a two-day funeral for him, the source said.

"We're going to transfer the body, which currently lies in state in the National Forensic Service, to the bereaved family around 5 p.m. today," the source said. "The time can be flexible, but the family members say they will move the body to Geumsuwon right after the takeover."

Followers of the Evangelical Baptist Church, also known as the Salvation Sect, also plan to hold his funeral for two days starting Saturday, shorter than the typical three days for funerals in the country, respecting the will left by Yoo, the source added.

The leadership of the sect, however, has yet to release any official information on the body's takeover or the funeral.

The body of Yoo, the 73-year-old billionaire who practically owned the operator of the sunken ferry Sewol, was found in a green-plum field just outside Suncheon, about 450 kilometers south of Seoul, in June, amid a nationwide manhunt that went on for months since the April 16 tragedy. (Yonhap)