Fifth Body Found in Sunken Sicily Yacht as 1 Person Remains Missing in Wreck, Sources Say

A fifth body has been found after a luxury yacht sank off the coast of Sicily, a source close to the rescue operations confirms to PEOPLE.

The discovery came shortly after four bodies were recovered earlier on Wednesday, Aug, 21. Multiple outlets, including CNN and the BBC, reported that as of Wednesday, the fifth body has been located but not recovered.

Sources also confirm to PEOPLE that there is still one person missing and search efforts are ongoing.

The Bayesian, a 183-foot vessel, sank around 5 a.m. local time on Monday, Aug. 19, after a storm while off the coast of Porticello, the Italian coast guard said in a statement that was previously obtained by PEOPLE.

The missing have been identified as Mike Lynch, a British tech entrepreneur, and his daughter Hannah, as well as Chairman of Morgan Stanley International Jonathan Bloomer, his wife, Judy, and New York City-based lawyer Christopher Morvillo and his wife, Neda.

At the time the yacht sank there were 22 people on board, including 12 passengers and 10 crew.

In the immediate aftermath, 15 people were rescued, according to the coast guard, while a body was retrieved near the vessel and later identified in news reports as the chef, Ricardo Thomas.

Lynch's wife, Angela Bacares, is another one of the individuals who was rescued, according to a local source.

A source close to the survivors previously told PEOPLE that the passengers were celebrating after Lynch was acquitted in June in a financial fraud trial in the U.S.

“That's why he took his closest friends and colleagues on the trip,” the source said.

Morvillo had represented Lynch in the fraud case and other firm employees were on the Bayesian as well, a spokesperson for Clifford Chance, his law firm, said in a statement.

Lynch later told Britain’s Sunday Times in a July 27 story that he would’ve died while serving his prison sentence due to his age and lung infection had he been convicted.

“I have various medical things that would have made it difficult to survive,” Lynch, a father of two children — Hannah, 18, and another daughter, 21 — told the paper. 

After reports of the tech entrepreneur’s disappearance, Danny Fortson, who interviewed Lynch for the Sunday Times story, said he was "reeling."

Fortson told PEOPLE that Lynch seemed "incredibly grateful and happy," though the businessman was still "struggling to accept" his new reality.

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“He was just really struggling to grapple with that,” the journalist said. “He was hugely excited and very thankful, but also just this case had been going on, or the allegations had been going on for more than a decade.”

A source close to the investigators dealing with the incident previously told PEOPLE that authorities are focusing on the victims before looking into what happened.

"Obviously the priority is being able to work out what has happened to those that are missing and recover any bodies," the source said. "At the moment, no one has been placed under investigation because until they find the bodies, they cannot evaluate any sort of accusation or charge."