The city council, in August 2007, asked Grampian Police to investigate a series of property transactions.
A subsequent report by the controller of audit to the Accounts Commission highlighted deficiencies in the council's approach to some property disposals between 2001 and 2005.
That report highlighted six cases where full market value may not have been achieved in relation to valuations for disposals.
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The report said internal and external audit reports had pointed to weaknesses in procedures and stated that the council may have suffered financial loss as a result.
It added that the council had responded quickly when concerns were raised and that senior officers had implemented remedial action immediately.
The city council informed Grampian Police and passed on the audit reports to assist officers with their inquiries.
The city council's corporate director for resources management, Gordon Edwards, said: "Grampian Police has advised the council that the Procurator Fiscal has said there is no justification for taking forward any further proceedings. As a result, the police investigation into the matter is now closed. The city council will now implement its own internal investigation, which was on hold until the conclusion of external investigations. We would aim to conclude that process as quickly as possible.
"Aberdeen City Council has already thoroughly overhauled its procedures in the light of the report and now secures independent valuations of properties. The mistakes of the past will not be repeated."
(GK/JM)
