Fasel, who sits on the International Olympic Committee's (IOC) ruling Executive Board and is the chairman of the IOC Coordination Commission for Vancouver 2010 , has been exonerated by the IHF's ruling Council after it received a report from the audit firm Deloitte.

However, investigators said they had limited evidence to examine, and the Federation will create a working group to suggest ways of improving its business practices.

The inquiry was launched after a Swiss newspaper alleged Fasel profited from deals struck by the federation's marketing partner and a company run by a longtime friend.

The newspaper reported in May that a company run by a childhood friend of Fasel, identified only as Y.S., received more than $1 million (£716,000) from 2004 to 2008 via IIHF broadcast and marketing agency Infront Sports and Media.

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.

Fasel denied receiving any money but accepted he showed poor judgment helping his friend's business.


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June 2009: Deloitte to lead inquiry into claims over Fasel
May 2009: Ice hockey chief denies he received kickbacks