A diver searching for those missing in the wreckage of the capsized South Korean ferry has died.

The 53-year-old lost consciousness while underwater and was helped to the surface by his fellow divers.

He was taken to hospital where he later died.

South Korea is marking both Buddha’s Birthday and Children’s Day, many events have been cancelled out of respect for the more than 260 victims of the sinking, most of them students.

South Korean President Park Guen-hye once again criticised the owners and crew of the Sewol: “People blinded by worldly desires did not follow safety regulations and this has led to the deaths of many people.”

South Korea is in mourning following the tragedy.

Over one million people have visited 131 memorial sites to pay their respects.

Investigators meanwhile have arrested three individuals who are suspected of negligence in loading the vessels cargo.

Authorities suspect that poor stowage and overloading is the reason behind the sinking.