An appeals court on Tuesday overturned a jail term handed down to former Prime Minister Lee Wan-koo and acquitted him of allegations he received bribes from a deceased businessman, citing a lack of evidence.

The Seoul High Court acquitted Lee of allegations he received 30 million won ($27,000) from Sung Wan-jong, the late chairman of a local construction firm who was at the center of a lobbying scandal, in April 2013.

The ruling came a few weeks after Hong Joon-pyo, governor of South Gyeongsang Province, was sentenced to 18 months in prison for similar allegations of receiving 100 million won from Sung.

A corruption scandal flared up last year after Sung left a note and a recorded interview claiming that he gave money to eight politicians, including Lee and Hong, as well as President Park Geun-hye's former and then chiefs of staff.

Prosecutors indicted Lee and Hong, while not prosecuting the others, citing a lack of evidence and the statute of limitations.

Lee stepped down as the country's prime minister after the suspicions mounted.

A lower court had sentenced Lee to eight months in jail, suspended for two years, acknowledging the recorded interview as credible evidence.

The high court, however, said it lacks credibility as it was made right before Sung committed suicide, harboring anger towards the former prime minister.

Sung hanged himself on April 9 just hours before a court hearing that would have determined the legality of his arrest regarding embezzlement charges.

In regards to Hong's case, there was a testimony made by Sung's aide, who delivered the money, which backed up the allegations in addition to the recorded interview. A district court has said the testimony was credible enough as the aide testified consistently from the start of the investigation to the court hearing.

"I am very sorry for causing concerns to the public," Lee told reporters after the ruling was delivered. "But, prosecutors should refrain from excessive execution of their authority."

Prosecutors said they will review whether to appeal the ruling after analyzing it. (Yonhap)