The head of South Korea's third largest conglomerate, SK Group, appealed a lower court ruling Tuesday that sentenced him to four years in jail for embezzling 46.5 billion won ($42.8 million) in company funds.

Court officials said lawyers representing Chey Tae-won submitted a request for an appeal at 5 p.m. with the paperwork expected to be forwarded to the Seoul High Court in due time.

The 53-year-old businessman was found guilty of embezzling the money from SK Group affiliates and funneling it into a firm headed by a former executive at SK's telecommunications unit. The trial court ruled last Friday that the businessman had invested the misappropriated funds into stock futures and options in 2008.

SK Group is made up of more than 90 affiliates, with its core businesses centered in the fields of energy and telecommunications.

The appeal by Chey had been expected since the disgraced chairman proclaimed his innocence in the charges levied against him. He was imprisoned immediately after the Seoul Central District Court handed down the sentence.

State prosecutors, meanwhile, said they also plan to appeal the case, because some charges filed against Chey were dropped.

The tycoon was also found not guilty of creating a 13.9 billion won slush fund for his own personal use. (Yonhap News)