A man who was wrongly convicted of murder lodged a request with China's top court for compensation of 3 million yuan (about 490,000 U.S. dollars) after he refused a local court's previous offer.

The Supreme People's Court (SPC) announced on Saturday that it had accepted the application filed by Wang Yuansong, who served 10 years of a life sentence handed down in 2004 by southwest China's Guizhou provincial higher court.

Wang was released in 2014 after a judicial review overturned the decision.

The Guizhou provincial court offered Wang "compensation for losing 3,729 days of personal freedom" plus an extra solatium of 20 percent of the freedom compensation, and a public apology.

The court's compensation amounted nearly 900,000 yuan based on Xinhua's calculation according to the State Compensation Law, far less than the 3 million Wang demanded.

The SPC said it was investigating the case.