Speedo USA have announced that they have ended their sponsorship deal with Ryan Lochte.
Earlier this month, the American swimmer claimed that he had been held at gunpoint before returning to the team's base in Rio de Janeiro, but his version of events was later proven to be false.
It was then revealed that Lochte had vandalised a petrol station but despite an apology from the six-time Olympic medallist, Speedo have cut ties with the 32-year-old.
A statement read: "Speedo USA today announces the decision to end its sponsorship of Ryan Lochte. As part of the decision, Speedo will donate a $50,000 portion of Lochte's fee to Save The Children, a global charity partner of Speedo USA's parent company, for children in Brazil.
"While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behaviour that is counter to the values that this brand has long stood for.
"We appreciate his many achievements and hope he moves forward and learns from the experience."
Jimmy Feigen, Gunnar Bentz and Jack Conger were also involved in the incident which happened shortly after the conclusion of the swimming events at the Games.
Darren Plant
