Update - 8.30am: The Olympic Council of Ireland says it will defend itself to the hilt in the wake of the Rio ticket touting scandal.
Mr O'Malley said there is a possibility of a commission of investigation taking place, but that generally such an investigation would take place after any prosecutions were completed.
The humiliating moment of Pat Hickey's arresting has emerged on the Internet.
Patrick Hickey, 71, was detained at a hotel in the Barra da Tijuca area of the city and was later taken to hospital with chest pain before he underwent cardiac tests.
Police arrived at the IOC's hotel at 6 a.m. and found only Hickey's wife, who refused to tell them where he was.
Revealing its internal probe had been discontinued it stated: "The OCI will now commission its own independent inquiry into its handling of ticketing arrangements for the Rio Olympics".
He added that the International Olympic Committee had no prior knowledge that Mr Hickey would be arrested, saying: "I don't think anyone from our team knew that the police were coming this morning". There was no immediate word on his condition.
After describing the police raid on Hickey's hotel room as an "affront", IOC Vice President John Coates defended his colleague.
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Police said the arrest was related to that of fellow Irishman Kevin James Mallon on the day of the Olympic opening ceremony.
Agents have seized more than 1000 tickets that were being sold for high fees and allocated to the Olympic Council of Ireland.
THG Sports - A corporate and sports hospitality company based in London.
On Monday Brazilian authorities issued arrest warrants for four people connected to THG, including Marcus Evans, the British multi-millionaire who owns THG Sports' parent company and Ipswich Town Football Club.
At a Press conference, the police outlined the three crimes that he is suspected of as: formation of a criminal association, sales of illegal ticketing and marketing without authorisation. The OCI name was visible on tickets displayed by police, but the Irish said they had "no knowledge" of the two men arrested. There are 6.5 million tickets on sale here; it is the biggest ticketing organisation in the world.
"We don't know what the allegations or charges are yet", he said.
Hickey is a former judoka and is honorary life president of the Irish Judo Federation. He has been head of the OCI since 1989.
A senior member of the International Olympic Committee, Pat Hickey, has temporarily stood down from his role following his arrest earlier this week. As head of the European body he has been instrumental in setting up the European Games which was first held in Baku, Azerbaijan, last year.
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