Fasel, who is a member of the International Olympic Committee's (IOC) ruling Executive Board and chairman of the IOC Co-ordination Commission for the Vancouver 2010 Winter Olympics, is alleged to have benefitted from marketing deals made on behalf of the IHF.

 

The allegations were made in the Zurich-based newspaper, the SonntagsZeitung.

 

The newspaper alleged that since 2004 Fasel had been involved in secret transactions related to sponsorship contracts for the World Championships.

 

The newspaper named Infront Sports, which is the exclusive marketing partner for the IIHF, and said that the company had paid 400,000 Swiss francs (£237,696) to a company owned by a childhood friend of Fasel.

 

Former business partners and competitors of Fasel also confirmed the accusation to the newspaper, saying a corporation connected to Fasel had collected commissions between 2004 and 2008.

 

The IIHF have now launched an official investigation.

 

Fasel strongly denied the accusations.

 

He said: "I have never received any commissions or bonuses from those contracts.

 

"There is, and never has been, any consulting agreement between me and Infront.

 

"I have, however, helped a longtime friend to offer him services to Infront and I have privately supported him in the implementation of this mandate."

 

The story broke after a rival company complained it lost a bid for the marketing contracts to Infront, which is said had little winter sports marketing experience.

 

The IOC said it has just been made aware of the allegations and referred all comments to the International Ice Hockey Federation.

 

Fasel, 59, a longtime ice hockey referee, has been the president of the IIHF since 1994.

 

He was appointed to the IOC's executive board last year and is also the president of the Association of International Sports Winter Federations.

 

The IIHF legal committee chairman Fred Meredith said: "With the encouragement of the president, we'll be appointing a small committee to fully investigate the allegations that have been made against him."