He was accused of ordering the purchase of Keangnam Enterprises Inc.'s stake in the nickel development business in Madagascar at an excessive value.

He was also suspected of causing about 1.2 billion won in losses from its investment in the redevelopment of an iron mine in Korea's eastern province of Gangwon.

He headed the resources firm from 2008 to 2012.

In late September this year, the Seoul High Court upheld a lower court's acquittal of Kim, saying the investment was a managerial decision and is not subject to judgment by the law.

It also ruled that there was not sufficient corroboration to prove the suspicion that the stake purchase in Madagascar was made at the request of the late Keangnam chairman who was allegedly connected to a bribery scandal.

The top court on Thursday agreed with the appellate ruling. (Yonhap)