Advertisement
Advertisement
Boxingscene.com

AIBA Bankruptcy Fears Grow, Wu Has Been Suspended

International Boxing Association (AIBA) president Wu Ching-kuo has been suspended over allegations of financial mismanagement.

Wu has controlled Olympic boxing's governing body since 2006 and even ran for the International Olympic Committee's (IOC) presidency in 2013 when he lost to Thomas Bach.

The 70-year-old still has a position on the IOC's executive board and served on the evaluation committee for Rio 2016.

aiba-wu_1

But his tight hold on AIBA has been weakening all year as the organisation's dire financial position has become clearer.

This summer, several members of the organisation's executive committee - now calling themselves the interim management committee - passed a vote of no confidence in Wu and tried to sack executive director William Louis-Marie.

Already fighting attempts to oust him in the Swiss courts, Wu dismissed the moves as "unlawful" and promised to continue his battle to keep control of AIBA.

But that contest appears to be over now after AIBA's disciplinary commission voted unanimously to suspend him, with immediate effect and no right of appeal, on Monday.

In a statement, the commission said its decision followed complaints from 11 members of the executive committee and Wu was found to be in breach of several disciplinary codes and statutes.

It then listed the four main complaints against Wu: his attempt to dismiss opponents on the executive commission, taking commercial decisions without approval, misleading the media and national federations about AIBA's finances and blocking an attempt to organise a vote of no confidence against him.

Of these, it is the Taiwanese sports official's approach to business that is the most serious as AIBA is now on what the disciplinary commission described as the "verge of bankruptcy".

According to the disciplinary commission, AIBA is now £11.6million in debt "without any management or commercial reason" and has not been able to persuade auditors KPMG to sign off on its 2016 accounts.

But on top of AIBA's cash crisis, the federation has also been on the ropes after a series of bad decisions ruined last year's boxing competition at the Rio Olympics.

Wu will now be replaced by an interim president, most likely to be the organisation's most senior vice president, Franco Falcinelli, the former head of the Italian boxing federation.

Tags: Amateur Boxing image  
User Comments and Feedback (Register For Free To Comment) Comment by nycsmooth on 10-10-2017

a corrupt organization run by a real Criminal... hopefully the bankruptcy will not go through and not clear them of their assets so they will have to struggle and then just disintegrate...

Comment by Eff Pandas on 10-10-2017

Lol wut happens if AIBA files a Trumpacy? No more amateur boxing? Wtf with AIBA.

Comment by LangfordSam on 10-10-2017

Too bad it's not Pat Fiacco from Canada, I emailed him after the Tishchenko decision in Rio. He promised to get to the bottom of things, and it appears they have! Rumors the Italian, Franco, has some corruption in his…

Comment by petero on 10-10-2017

Conlan knows this corrupt idiot well

Comment by Scipio2009 on 10-10-2017

140, 154, 168, 182, 196, 196+ 133, 126, 119, 112, 105 Same-day weigh-in.

Post a Comment - View More User Comments (7)
Top Headlines SHO's Farhood: To Me, Fury Lost Lineal Title When He Retired Anthony Mundine Finds His Home Ransacked WBC Prez Confident Canelo Would Sell Out Azteca Stadium Adrien Broner: Pacquiao is Definitely My Biggest Career Fight Amir Khan: If Brook is a Real Man - He Should Admit He's Gay! Nasukawa Eyes KO: I Want To Kick Mayweather's Ass! Photos: Adrien Broner Putting in Work For Pacquiao Title Clash MSG Exec: We Want To Do Biggest, Best Canelo Fights Photos: Cecilia Braekhus Opens School in Uganda Warren 'Fighting For Revenge' in Title Clash on Pacquiao-Broner Gausha 'To Punish' Hernandez on Saturday's Charlo Card Korobov's Manager: This Is A Better Fight Than Charlo-Monroe Baysangurov and AmirKhanyan Headline Show in Kazan Hearn: DAZN wants Canelo to Fight Jacobs and GGG Next Year Chisora Vows To Pounce on Whyte, Take Him To War Showtime To Air Whyte-Chisora Rematch Live From London Barthelemy Could See Pacquiao Stopping Broner in Six Rounds Hearn: Deontay Wilder Not a PPV Star; Talks With His Team Better Jacobs: I'll Move Up To 168 To Fight Canelo; Doesn't Matter To Me Whyte Brushes Off Joshua's Prediction of Chisora Victory Warrington: I Don't View Frampton as Elite, Has Weaknesses Martin Murray Does Not Plan To Rebuild Again if He Loses Povetkin Interested in Facing Whyte or Chisora in 2019 De La Hoya: Canelo Must KO Golovkin in Trilogy, No Decision David Price is Desperate To Taste Victory Again Jermell Charlo Preps For Harrison With a Brooklyn State of Mind De La Hoya: Canelo's KO Opens Doors To New Opponents At 168 Referee Having Sleepless Nights Over Stevenson Outcome David Lemieux Will Fight Next at 168-Pounds, Says Estephan Photos: Manny Pacquiao Celebrates, Throws 40th Birthday Bash David Benavidez: I'm Hungrier Than Ever, More Motivated Dana White Reacts To De La Hoya's Challenge To Fight on May 4 Badou Jack vs. Marcus Browne Finalized For Pacquiao-Broner Photos: Pacquiao, Birthday Aside, Putting in Work For Broner Claressa Shields - BWAA's 2018 Female Fighter of the Year Joshua-Miller At MSG Could Bring Khan-Brook To Wembley 4/13 Korobov: Charlo Just Saying It, He Should Prove It In The Ring Anthony Joshua Backs Dereck Chisora To 'Whoop' Dillian Whyte News: Lolenga Mock, Shohjahon Ergashev, Frampton-Warrington Jon Fernandez Bounces Back With TKO Win in Ponferrada, Spain
Advertisement

Latest Active Forum Threads
Advertisement
Advertisement