Shin Dong-bin was jailed for 30 months in February last year for providing seven billion won to a foundation controlled by Park’s secret confidante in return for government favours regarding Lotte’s duty-free business.

The firm is one of the giant family-controlled conglomerates known as “chaebol” that dominate the South Korean economy and powered a decades-long economic boom, but have long had murky ties with authorities.

Shin, 64, was among the company heads – including Samsung heir Lee Jae-yong – accused of bribing Park and her close friend Choi Soon-sil for state favours.

But Shin was released in October 2018 after an appeals court reduced his sentence to a suspended jail term, which was upheld by the Supreme Court on Thursday.

“We confirmed that there was no misunderstanding of related legal principles” in the appeal court’s decision, a court statement said.

Lotte – the fifth largest conglomerate in South Korea – began as a chewing gum company in Japan in 1948 but now operates businesses in chemicals, food, retail and hotels.