The Mirror has reported that a regional director for the investment advisory firm, deVere, pledged to pay the EJAF after winning a charity auction bid at last year's White Tie & Tiara Ball.
Spencer Lodge owed Elton's organisation $1.1 million after winning the chance to spend a day with the singer and his partner.
The paper said that, despite Lodge signing a contract promising to pay the money to the foundation, he had not done so.
However a statement released by PIC, deVere's Middle East operation, said: "the issue in question has been resolved this morning.
The statement added: Mr Lodge's involvement with the respective charity is personal and any alleged arrangement has no relation to PIC business.
Lodge has worked at deVere for over 14 years.