A commission set up by the chief of the directorate, Javier Perez Farguell, along with the treasurer, Joan Ignasi Brugueras and the secretary of the board of directors, Josep Maria Coronas, had investigated the three transfers and came back with a favourable answer.
The report on the incident stated: "In the negotiations they have not acted themselves against the interests of the club."
The commission stated that Barcelona had acted 'normally' in the buying of Geovanni and the report is now in the hands of the club's president, Joan Gaspart.
It was mainly the actions of Sixte Cambra and Jaume Gil-Aluja that came under review, after former player Chus Pereda claimed he could have bought Geovanni for under £10 million, with the eventual fee around £14 million.
"It is no test of the accusations of Mr. Pereda and his partners (Angel Caballero and Aurelio Almeida). The negotiations do not display any element that can make anyone think that they have been acting against the interests of the club on the part of the executive directives of the club," added the report.
The club also added that they had 'no intention nor were committed to paying commissions to an intermediary or Fifa agent over the transfer of Geovanni and has never had a mandate in this sense to pay an external person.
Parera's documents that showed Geovanni could have been bought for $12 million were stated to be false.
With regards the transfer of Overmars (pictured) and Petit, the report stated: "The contract of the acquisition of these two players coincides totally with the one of Arsenal."
