A Seoul court on Thursday acquitted the former head of Korea's leading tobacco maker on charges of receiving kickbacks, citing a lack of credibility in the bribers' testimonies.

The Seoul Central District Court found Min Young-jin, who headed the KT&G Corp. from 2010 to 2015, not guilty of receiving some 179 million won ($151,000) in bribes from subcontractors, a company official and a foreign buyer between 2009 and 2012.

The court also acquitted the 57-year-old of allegations he gave some 600 million won in bribes to a government official for business favors.

Following the court's decision, Min, who had been in custody since December, was released.

Min is among several current and former executives of the tobacco maker who are involved in the prosecution's probe over alleged irregularities. He resigned in July when prosecutors launched the investigation. (Yonhap)