The Korean Film Commission said Thursday that "Pieta" -- the story of a brutal loan shark who struggles for redemption -- was the unanimous selection to compete for a nomination at the Academy Awards in February.

"The plot, depicting the destruction of human relationships by greed and poverty, can be widely understood and shared by Oscar juries and American audiences," the commission said in a statement.

"That was an important factor in our decision," it added.

"Pieta" was among five Korean movies considered by the commission, with others including "The Taste of Money" directed by Im Sang-Soo and "In Another Country" by Hong Sang-Soo -- both showcased at the Cannes Film Festival.

The Oscar nominations will be announced in Los Angeles on January 15, with the awards handed out at a ceremony on February 24.