The Supreme Court Friday upheld lower courts' not guilty ruling for former Samsung Group Chairman Lee Kun-hee, who was indicted on charges of illegally transferring wealth and managerial control of the conglomerate to his only son, Jae-yong, Yonhap News Agency reported Tuesday, quoting court officials.

The ruling in favor of South Korea's most influential tycoon came after the top court overruled a high court's guilty verdict for two former Samsung executives charged with helping Jae-yong buy convertible bonds issued by the amusement park operator Everland, Samsung Group's de facto holding company, at a below-market price in 1996.

The court said it could not find that the executives had violated breach of trust laws in the case and sent it back to the Seoul High Court for reconsideration.

Critics had said the sale was aimed at enabling Lee to hand over control of the Samsung Group to Jae-yong, now an executive at Samsung Electronics.

The elder Lee, who led South Korea's biggest industrial conglomerate for 20 years, was convicted last year of tax evasion and given a suspended prison term.