The Supreme Court overturned Mr Byeon Yang-Ho's conviction and five-year prison sentence, citing a lack of evidence.

In August last year an appeals court convicted Byeon of receiving 200 million won (S$218,257) from Hyundai in return for granting partial debt write-offs for its subsidiaries.

But the higher court questioned the credibility of a statement given by Mr Kim Dong-hoon, an accountant who claimed he relayed bribes to Mr Byeon on behalf of Hyundai.

'The question is whether the court can trust Mr Kim's testimony, which formed the basis of charging Mr Byeon,' it said in its ruling. -- AFP