The AIBA's recent troubles this past year has drawn the ire of the International Olympic Committee (IOC).
There had been issues at the top of the governing body after the treasurer and finance director resigned earlier this year following claims that they "were sidelined" by Wu and that there was financial mismanagement.
With the financial troubles the organization has dealt with, the International Olympic Committee has decided to stop giving the AIBA any financial help until it gets its issues straightened out. IOC President Thomas Bach told reporters of the IOC's decision.
"The IOC executive board has major concerns with regard to the situation within AIBA in different aspects. There is the governance issues, there is the fact that financial statements have not been made fully transparent, there are still questions open with regard to judging, refereeing and anti-doping and therefore we have asked AIBA for a full report by the end of January. We want to see the measures AIBA is taking to address these issues. Until things will change the IOC will not make any financial contributions to AIBA," Bach said.
This isn't the first time the international amateur boxing governing body has faced issues with the IOC resulting in funds being blocked. A referee scandal from the 2004 Olympics in Athens, Greece resulted in the Olympic committee withholding more than $1 million's worth of television rights from those Olympic Games. The most recent Summer Olympics also had its fair share of controversies surrounding judging in key fights including current undefeated pro boxer Michael Conlan.
Azerbaijani company Benkons also sent out a letter demanding AIBA to pay back an £8 million loan from 2011. A source within the organization said AIBA only has £2 million in its account despite receiving about £14 million in investments from the IOC to help the organization through the 2020 Summer Olympics, which will take place in Tokyo. An executive committee member was also removed by the AIBA president after the executive was worried about possible irregularities within the organizations finances. That executive member was reinstated by Swiss courts, where AIBA headquarters are located, in mid-July.
The AIBA was last heard in the news with the organization voting to indefinitely suspend President Wu Ching-Kuo back in October and was replaced Franco Falcinelli, the former head of the Italian Boxing Federation, in the meantime.