Former Israeli Finance Minister Moshe Kahlon was convicted on Sunday by the Tel Aviv District Court of a securities reporting offense committed during his tenure as chairman of Unet Credit. The ruling followed a plea bargain in which he admitted to the charges.

Under the agreement, Kahlon is expected to receive a suspended prison sentence, pay a fine of NIS 180,000 ($61,600) and face an 18-month prohibition on serving as an executive or director in a public company.

The case centers on Unet Credit, a publicly traded non-bank lending company where Kahlon served as chairman from mid-2021 until mid-2022. Prosecutors say he failed to ensure that major financial problems uncovered at the company’s Nazareth branch were promptly reported to shareholders and regulators.