The Supreme Court on Thursday finalized a two-year prison term for Cho Kuk, leader of the minor opposition Rebuilding Korea Party, on charges including academic fraud involving his children and illegal interference with a government inspection.

The 59-year-old, once considered a strong contender for the opposition bloc’s next presidential candidate and an emerging liberal figure in South Korean politics, immediately lost his parliamentary seat and will be barred from running for public office for the next five years after he completes a two-year prison term.

The top court handed down the two-year sentence and a fine of 6 million won ($4,200) to Cho, finding him guilty of using his influence to receive academic favors for his children, including university admissions, and interfering with an inspection into a corruption case by using his power as a presidential aide.

The former justice minister, who faced disgrace following an investigation into academic fraud involving his children during President Yoon Suk Yeol's tenure as prosecutor-general, founded the party roughly a month before the April 10 parliamentary elections.

After campaigning with calls to bring an early end to the Yoon administration, Cho's party won 12 proportional representation seats in the April 10 parliamentary elections, becoming the third-largest party in the incoming National Assembly.

Since then, Cho has been regarded as one of the most prominent and powerful presidential contenders. For instance, a recent poll by Embrain Public, released on Thursday morning, demonstrated his standing as a strong candidate for the next presidency. In the survey of 1,005 respondents, 37 percent selected Lee Jae-myung, leader of the main opposition Democratic Party of Korea, as the most suitable candidate for the next president, followed by the ruling People Power Party leader Han Dong-hoon with 7 percent, and Cho in third place with 6 percent.

However, Cho is expected to follow legal procedures to begin his prison sentence. The Seoul Central District Prosecutors' Office announced Thursday it would notify Cho by Friday to voluntarily appear for imprisonment.

In response to Cho’s sentencing, the Rebuilding Korea Party released a statement expressing its disappointment. "We cannot hide our sorrow over losing Cho as our leader. This ruling has seriously undermined trust in South Korea’s judiciary."

Despite the loss of its leader, the Rebuilding Korea Party stressed its resolve to move forward without interruption amid growing concerns over escalating political and social turmoil following Yoon's brief declaration of emergency martial law last week. Following its policy guidelines, the party announced that Supreme Council member Kim Sun-min would serve as acting leader to ensure party stability.

Additionally, as Cho's legislative seat was a proportional representation position, the seat will be handed over to Paik Sun-hee, a professor of social welfare at Seoul Theological University and the next in line on the Rebuilding Korea Party's proportional representation list, by Friday. Under the Public Official Election Act, if a proportional lawmaker steps down, the National Election Commission must finalize a replacement within 10 days of receiving notice. However, party officials expressed their intent to expedite this process to ensure Paik can participate in Saturday’s second impeachment vote against Yoon.

Cho urged the public to continue the fight for Yoon’s impeachment. In an interview with political commentator Kim Ou-Joon on Thursday morning, hours before the Supreme Court’s ruling, Cho stated, "If something unfortunate happens to me, I ask the people to carry on the fight for Yoon’s impeachment on my behalf."

Also, in a press conference held Thursday afternoon following the ruling, Cho said, "I accept today’s ruling with a heavy heart. I humbly accept this ruling and will fulfill my responsibilities as a citizen who respects the law and principles."

Cho also hinted at his intention to continue his political career after serving his sentence. "I leave today, but only for a while. I will return as a stronger and clearer person. I hope to see a better Korea waiting for us. I look forward to the day we meet again."

Still, there is a possibility that Cho could be granted a presidential pardon in the future. If granted both a pardon and reinstatement, Cho would not only be released from prison but would also have his eligibility to run for office restored immediately, paving the way for a potential political comeback, according to local reports.