South Korea on Friday released SK Group vice chairman who was convicted of embezzlement and 573 other prisoners who exhibited exemplary behavior while serving their sentences, the justice ministry said.

The inmates, who have a low possibility of becoming repeat offenders, were released at 10 a.m., the Ministry of Justice said. It said those released had already served more than a third of their sentences. 

Among those set free are Chey Jae-won, the SK Group vice chairman and younger brother of the conglomerate's chief Chey Tae-won.

Chey Jae-won, 53, was serving a 3 1/2-year jail term for embezzling funds with the older brother. The ministry said the younger Chey has fulfilled 94 percent of his prison term, with three months left in his sentence.

"I will put my utmost efforts into revitalizing the economy and generating jobs," the freed businessman told reporters after coming out of a prison in the city of Gangneung on South Korea's east coast. Regarding his future and in getting involved with the group's management, Chey said he will think about it.

Group chairman Chey Tae-won was also released from jail in August 2015, following the government's grant of a special pardon ahead of Liberation Day. The business tycoon, who received a four-year sentence, was released after 30 months in jail.

Including Friday's parole, the ministry has released a total of 4,052 inmates this year, a ministry official said, asking not to be named.

The ministry, meanwhile, said it will soon open a committee to review the list to be included in next month's planned special pardon by President Park Geun-hye. (Yonhap)