Disgraced South Korean businessman Kim Un-yong has resigned from the International Olympic Committee after being jailed on corruption charges. The IOC announced Kim's resignation Friday.

The 74-year-old Kim is currently serving a two-year sentence for embezzling money from the World Taekwondo Federation, the World Taekwondo Headquarters and other sports organizations he controlled.

He was once one of the most powerful figures in the IOC, serving as one of its vice presidents. Kim was the driving force behind bringing the 1988 Olympics to Seoul, South Korea. He was also instrumental in making taekwondo an Olympic sport in 2000, but was reprimanded for his part in the Salt Lake City Olympic bribery scandal.

Kim lost the IOC Presidential election to Jacques Rogge in 2001. Because of his conviction, the IOC general assembly decided to expel Kim at its meeting in Singapore in July. He has always denied any wrongdoing and called the charges against him politically motivated.

Some information for this report provided by AP.