ANOC agreed to fund bail money for Patrick Hickey so he could leave Brazil following his arrest during Rio 2016 ©Getty Images

Association of National Olympic Committees (ANOC) officials have admitted the loan they paid to its former vice-president Patrick Hickey last year to allow him to receive bail and return from Brazil may not be repaid.

Hickey, however, has claimed he is confident it will be refunded to the organisation.  

The payment was "unanimously approved" by ANOC President Sheikh Ahmad Al-Fahad Al-Sabah and all ANOC vice-presidents on medical and humanitarian grounds via a postal vote last November. 

It was claimed at the time it was a loan which will be paid back in full. 

A financial statement circulated to delegates before today's ANOC General Assembly included a note referring to a "loan to a related party" of CHF 460,000 (£352,000/$462,000/€410,000).

A bracketed item below referred to how there was also CHF 460,000 "less provision" before a blank total loan.

A report given by St Lucia's ANOC Finance Commission chair Richard Peterkin was challenged from the floor by his fellow countryman Alfred Emmanuel, secretary general of the St Lucian Olympic Committee.

He asked about the secrecy of the process and whether it had been written off. 

Peterkin denied this and explained that the payment was set-up as a receivable, but, after an audit, it was impaired due to the absence of audit evidence that it would be recovered. 

An ANOC financial statement circulated to delegates at today's meeting ©ITG
An ANOC financial statement circulated to delegates at today's meeting ©ITG

"This is not unusual - like a provision for bad debts," Peterkin told insidethegames.

"A write-off would suggest that we have given up any hope of recovery, or had made a conscious decision to relieve the borrower of the responsibility to repay.

"The auditors told us that in the absence of and security or timing for the recovery, we would have to make a 100 per cent provision, which we agreed. 

"There is still a possibility that the loan will be recovered after the case has been heard, or if Mr. Hickey can find the resources to repay, but at the time of reporting, there was insufficient audit evidence that it would be recovered - thus the provision for impairment."

Others claimed afterwards that this was normal Swiss auditing practice in the case of a debt that could not be guaranteed.

Hickey is facing charges of theft, tax evasion, money-laundering and criminal association after hundreds of tickets to Olympic events at Rio 2016 were seized by police.

The former President of the Olympic Council of Ireland denies wrongdoing.

His trial is due to begin in RIo de Janeiro on November 29.

The 72-year-old is now in Ireland and will not return to Brazil for the trial and proposed he participates via Skype.

Hickey remains temporarily self-suspended as a member of the International Olympic Committee (IOC) but has vacated his position on the organisation's Executive Board.

He has resigned as head of the OCI and from his position as first vice-president of ANOC. 

ANOC Finance Commission chair was asked about the Patrick Hickey loan during his report today ©Getty Images
ANOC Finance Commission chair was asked about the Patrick Hickey loan during his report today ©Getty Images

Uruguay's 81-year-old International Swimming Federation President Julio Maglione was confirmed today as having replaced him as ANOC first vice-president.

Hickey is also due to be formally replaced as European Olympic Committees President by Janez Kocijančič at an election due to be held later this month.

The Slovenian has been Acting President since Hickey temporarily stood down following his arrest during Rio 2016. 

A source close to Hickey said afterwards that the bail money is in Brazil, accruing interest, and will stay there until the case is resolved.

"If the case is resolved in his favour, and the latest is that he's feeling pretty confident about it, and then the money will get returned immediately to ANOC," they added.