The long-standing President of the amateur boxing federation AIBA, who has already been suspended for many years, has officially announced his resignation. Wu Ching-Kuo said he had made the decision “in the spirit of the sport I love”. At the same time, AIBA and Wu declared that all legal action had been taken.
“I resign in the best interest of the sport to which I have devoted my life. But I will help to facilitate a smooth transition to the new leadership,”said the Taiwanese, who had led the World Federation since 2006. Wu is to be named Honorary President.
Wu also resigned from his position on the executive board of the IOC. He informed the IOC about this, but he remains a member of the Ring Order. The IOC informed the SID of this on request.
For the time being, AIBA’s operations will continue to be managed by the Italian Franco Falcinelli, who was appointed interim president by the AIBA executive after Wus suspension. The Disciplinary Commission of AIBA had unanimously disempowered Wu on a large scale on suspicion of mismanagement.
The creditors’ claims against AIBA are now expected to amount to over 33 million euros. The 70-year-old Wu, a member of the executive committee of the International Olympic Committee, is considered to be the main culprit in the financial crisis.
Wu is said to have signed important trade agreements on behalf of the association and signed loans without informing the AIBA executive. At the same time, the President has always maintained that AIBA is free of debt.