The former chairman of the Samsung Group was sentenced Wednesday to pay a hefty fine, but he will not go to jail, a court spokesman said.
The sentence comes after investigators looked into corruption allegations at Samsung, which accounts for about 18 percent of South Korea's economic output, reported CNN.
Former Chairman Lee Kun-Hee was sentenced for tax evasion to three years in prison, but that sentence was suspended, meaning he will not spend time behind bars. He also was ordered to pay 110 billion won ($109 million).
Lee was found not guilty of another charge -- breach of trust. The charge alleged that he illegally attempted to transfer ownership of a Samsung affiliate to his son.
"I sincerely apologize and will do my best to take full legal and moral responsibility," he a week after being indicted. "It grieves me for I still have many things to do."
Samsung also announced several reforms.
"We do not think that Samsung's renovation is complete with what we have declared, and know that this is just the beginning," Samsung said in a statement then. "If there are any other things we should mend, we positively will."
Prosecutors have said they found 4.5 trillion won ($4.5 billion) of his personal assets under borrowed names and determined he evaded taxes worth 112.8 billion won ($112 million), according to reports from The Associated Press. Lee was also charged with failing to report to securities authorities changes in the ownership of his stock assets.
As South Korea's largest conglomerate, Samsung lists sales of nearly $160 billion and exports of $70 billion. The conglomerate has interests in businesses including electronics, shipbuilding, construction and life insurance.
The company accounts for about a fifth of all South Korean exports.