The 37-year-old competed for Thailand at Sochi 2014 using her father's surname Vanakorn, but it was then alleged that the qualification events she used to earn her spot had been rigged.

The FIS claimed Mae helped "manipulate" races in Slovenia's Krvavcu resort, saying they were organised by her management company and the Thailand Olympic Committee in order for her to meet the criteria for Sochi, where she finished 67th and last in the giant slalom.

They banned her for four years  but Mae, the first woman to compete for Thailand in the Winter Olympics, took her case to the Court of Arbitration for Sport (CAS).

They cleared her of breaching FIS rules on betting and corruption and quashed her ban last  June.

Mae, who was born in Singapore but has British nationality and is estimated to be worth £32 ($45 million/€41 million) according to the latest Sunday Times rich list, claimed that her case had cost roughly $200,000 (£135,000/€184,000).

"FIS accepts that the statements made about Ms. Vanakorn’s conduct at the Krvavec races were unjustified and unreservedly withdraws them," FIS said in a short statement. 

"In settlement of Ms. Vanakorn’s claim for damages for defamation, FIS has apologised and has made an appropriate payment to Ms. Vanakorn which she intends to pay to a charity of her choice."

In an interview with German magazine Der Spiegel following the CAS decision, Mae has now expressed anger at the situation.

"The FIS labelled me a cheater," she said.

"It mocked me.

"The FIS didn‘t expect me to fight back.

"And it became really ugly when it became clear that I would go before the CAS."

CAS did not oveturn Mae's disqualification from Sochi 2014, however, after upholding the decision by FIS to dismiss the result of the races in question, leaving her ineligible to compete in Sochi.