Kim Woo-choong, the founder of Daewoo Group, has lost his appeal against a conviction for embezzlement and fraud, but has had his jail sentence cut.
Kim, was found guilty of charges earlier this year, but will now serve eight-and-a-half years in prison rather than 10.
The 69-year-old also had the amount he must repay reduced from 21 trillion won (£22bn; £11
Kim Woo-choong, the founder of Daewoo Group, which at one time was among South Korea’s largest industrial firms, has been sentenced to 10 years in jail.
Kim, who was on the run for six years, was found guilty of charges including embezzlement and accounting fraud.
The 69-year-old also has been ordered to hand over 21 trillion won (£12bn: $22bn) and was fined 10m won
South Korean prosecutors have charged the founder of one of the country’s biggest industrial groups with fraud.
Kim Woo-Choong is accused of falsifying the books at the Daewoo Group and procuring loans under false pretences.
The group collapsed in 1999 under debts totalling more than $80bn (£45bn) and Mr Kim fled the country, only returning last month