A South Korean court has convicted former Samsung Chairman Lee Kun-hee on charges of financial wrongdoing, but he will not face prison time.

The Seoul Central District Court on Tuesday gave Lee a suspended sentence and fined him $109 million for his conviction on tax evasion and other charges.

Prosecutors had demanded a seven-year sentence and $347 million in fines.

Lee had led South Korea’s most powerful conglomerate until he resigned in April following the allegations raised by a former company lawyer.