Sir Ian awarded a £3m police contract to a friend's business
The Metropolitan Police Authority has denied a claim by ex-commissioner Sir Ian Blair that he has been "exonerated" over allegations of wrongdoing.
Sir Ian said on Wednesday that a police inquiry had found "no evidence of dishonesty" over his awarding of a £3m contract to a friend's business.
But the MPA said it did not accept that there was no basis for misconduct proceedings.
The MPA said the report did not "amount to exoneration" of Sir Ian's conduct.
The MPA said it regarded the report, by former Chief Inspector of Constabulary Sir Ronnie Flanagan, as "an exempt piece of business".
"The authority now wishes it to be made explicit that its decision, as recorded in the minutes of its exempt meeting, does not amount to an exoneration of Sir Ian Blair's conduct," the MPA said.
"In particular, the sub-committee did not accept the third conclusion reached by Sir Ronnie Flanagan that, 'There is no basis upon which police misconduct proceedings could be recommended against anyone involved in this investigation'.
"[The MPA sub-committee] did however conclude that in respect of the investigation of the conduct of Sir Ian Blair the matter was now closed," it said.
The 11-month investigation looked into the contract given to the consultancy firm Impact Plus, which later became Hitachi Consulting, in 2002.
The company is owned by Sir Ian's skiing partner and friend Andy Miller.
The firm was hired to provide communications and IT systems for the Met.
The MPA said the matter was closed and it would consider publishing the report when it had further looked into "lessons to be learned" for the future.
Sir Ian had called for the findings of the inquiry to be made public, saying there was "no reason" to withhold the document.
On Wednesday Sir Ian said: "I can find no reason why the police authority, whom I served as commissioner and deputy commissioner for nine years, should refuse to publish a report which exonerates me entirely from allegations of wrongdoing."