The Israeli and his legal team launched a lawsuit last January and the case was submitted to a Tel Aviv court.

It followed allegations made by Oshrat Kotler, a broadcaster at Channel 10 Israel, and Neri Livne, a journalist at the Haaretz newspaper.

Gilady alleged "course, reckless and unfounded slander".

Livneh had accused him of exposing himself and propositioning her during a work meeting relating to the 76-year-old's role as President of Keshet Broadcasting Group in 1999.

Kotler claimed to have received an "indecent proposal" from Gilady 26 years ago.

During the proceedings, Gilady temporarily stood down from his position as head of Keshet Broadcasting Group to fight the claims against him.

He did not relinquish any of his IOC positions.

As well as being a member of the IOC, Gilady is the vice-chair of the Tokyo 2020 Coordination Commission and is a former senior vice-president of NBC Sports.

A settlement agreement was announced earlier this month which brought an end to legal proceedings.

The settlement gave no indication of guilt on either side.

Both Channel 10 Israel and Haaretz confirmed the news.

The IOC have now confirmed their Ethics Commission consider the situation to be closed.

The Commission were deemed to have been monitoring the situation “since the beginning”, with the IOC stating back in November 2017 that their internal ethics and compliance department was "looking into” the allegations.

It was claimed then that a decision would then be taken on whether to refer the case to the IOC Ethics Commission, which is chaired by former United Nations Secretary General Ban Ki-moon.

The Ethics Commission, who met last week in Lausanne, were claimed to have "taken note of the settlement being reached".

“The Ethics Commission noted that all the parties accepted their respective explanations and that there has been a judicial agreement to stop the respective accusations/claims,” an IOC spokesperson told insidethegames.

“This closes the situation.”

While the Ethics Commission considered matters involving Gilady to be closed, there could yet be action in other instances involving IOC members.

Ireland’s Patrick Hickey remains self-suspended as an IOC member following his arrest at the Rio 2016 Olympic Games.

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.

He denies wrongdoing.

His trial was due to begin in Rio on November 29 in 2017, but it is unclear when this will now take place.

Sheikh Ahmad Al-Fahad Al-Sabah is also self-suspended as the Kuwaiti official faces allegations of forgery in Switzerland.

Sheikh Ahmad, who denies wrongdoing and claimed that the allegations against him were politically motivated, stepped down as President of the Association of National Olympic Committees in November.

He aims to return to the role following the legal case.

Sheikh Ahmad requested a hearing in front of the Ethics Commission last week but it was cancelled on the advice of his lawyers.

Former Rio 2016 and Brazilian Olympic Committee President Carlos Nuzman is suspended as part of a Brazilian and French investigation into alleged bribes paid during Rio's successful Olympic bid in 2009.

He appeared in court last August to deny the allegations.

Namibia's former sprinter Frankie Fredericks was suspended from all IOC roles back in November 2017 after he was placed under formal investigation by French authorities after appearing before a Paris judge.

The investigation into Fredericks, a four-time Olympic silver medallist in the 100 and 200 metres, relates to payments received by his company, Yemi Limited, from a company owned and controlled by Papa Massata Diack.

This was prior to Rio de Janeiro being awarded the 2016 Olympics and Paralympics in October 2009, which Fredericks voted on.

Fredericks has denied any wrongdoing.

Last week, the IOC Ethics Commission confirmed a file had been opened on Japanese Olympic Committee President Tsunekazu Takeda after he was also indicted on corruption charges in France.

He has not been suspended by the IOC, who have stressed he retained the "presumption of innocence".

Takeda insisted he was "never involved in any decision-making process", relating to payments worth $2 million (£1.5 million/€1.75 million) made to Singaporean company Black Tidings before Tokyo was awarded the 2020 Olympics and Paralympics at the IOC Session in Buenos Aires in 2013.

The account holder has been closely tied to Papa Massata Diack, son of the disgraced former International Association of Athletics Federations (IAAF) President and IOC member Lamine Diack, who is currently being held in France and facing corruption charges.