South Korea’s high court on Tuesday upheld its ruling that Chung Mong-koo, chairman of Hyundai Motors, receive only a three-year suspended sentence for embezzlement and breach of duty after his case went to retrial.

The sentence draws a line under Mr Chung’s two-year legal battle, allowing the chairman to strengthen his grip on the world’s sixth-largest automaker at a time when it is facing growing competition abroad and a slowdown at home.