28 September, 2017
A total of 13 of 15 members of the ruling AIBA Executive Committee opposed Wu at a meeting in Moscow in July before setting up a rival Interim Management Committee (IMC) in an attempt to bring about his removal.
They had appealed to the Swiss courts to try to gain control over the Lausanne-based world governing body but their claim for "urgent provisional measures" have been dismissed, it was announced on Monday (September 25).
Wu has now launched a bitter attack on the rebels.
"I want to underline how regrettable this situation has been both for AIBA and for our 202 Member National Federations who have become caught up in the so-called IMC’s political manoeuvrings," the Taiwanese said today.
"I consider it unforgiveable for members of the AIBA Executive Committee to use the Hamburg 2017 World Championships and AIBA as pawns in their play for power, and I commend the work done by the staff to ensure that the tournament was a success in spite of some EC members' efforts.
"But beyond Hamburg, the so-called IMC have sullied everything that we have achieved over the past 12 months to put integrity, transparency and ethics at the forefront of everything we do for the AIBA Family.
"As such I am pleased to hear the Courts have discredited them and demanded that the individuals involved personally pay our legal costs."
AIBA President C K Wu has claimed that former executive director Karim Bouzidi is among the people behind trying to force him out ©AIBA
Wu has blamed former AIBA executive directors Ho Kim and Karim Bouzidi for being behind the IMC.
Wu has claimed Kim is seeking "revenge" after his sacking over allegations of financial wrongdoing more than two years ago.
Bouzidi was re-assigned during last year's Olympic Games in Rio de Janeiro following a series of controversial judging decisions.
He later left AIBA and is now working with the World Boxing Council (WBC), big critics of Wu after he launched the World Series of Boxing which pays boxers to compete for country-based franchises and changed the rules to allow professionals to compete at Rio 2016.
The WBC has launched an Amateur Boxing Committee, which they claim is "focused upon creating a global impact, via a wind of change".
Last month, Wu said he has no reason to respond to letters sent to him by the IMC, which had requested copies of a series of loan and investment agreements by September 1 at the latest.
Among them was the loan agreement with Azerbaijani company Benkons MMC, which is reportedly owed $10 million (£7.5 million/€8.5 million) by AIBA.
Wu has claimed that the deal was agreed by Kim.
"The fact that the so-called IMC is basing some of their claim against AIBA on financial mis-management whilst openly colluding with the former executive directors Ho Kim and Karim Bouzidi - the very individuals who were in charge and made our financial situation precarious - should make it perfectly clear that this is not their main motive behind trying to discredit the current governance," he said.
"The present administration has ensured greater financial transparency than ever, making available the results of the KPMG audit and putting in place a clear strategy to resolve the loan situation with the Azeri investor.
"Everything the so-called IMC has put out has been distorted by their own agenda."
The IMC claim that a meeting was held during the European junior Boxing Championships in Albena in Bulgaria on Monday which was attended by 31 Federations from Europe opposed to Wu.
Among those to speak out against Wu was Norwegian Boxing Federation President Odd Haktor Slåke.
"When [President] Wu was elected in 2006, he was seen as a polite, open minded man, who was an advocate for transparency," he said.
"I am disappointed that it no longer seems to be the case.
"I am very happy that the EC has made it clear what is going on.
"I am happy that the EC members are taking action to stop President Wu.
"I hope that this is sorted quickly to give boxers and the sport the reliable situation they deserve."
The row within boxing overshadowed the AIBA World Championships in Hamburg recently ©AIBA
Wu, though, has claimed that members of the AIBA Executive Committee were aware of the sport's financial situation and claim they are being motivated by personal ambition.
"An Executive body is essential to the smooth running of any organisation, but it must pull in the same direction and represent the best interests of our Association," he said.
"Instead, the AIBA Executive Committee has been openly acting against AIBA.
"Nine months ago, the EC expressed their satisfaction when they were shown the finances and the KPMG audit, signing a letter of support for my Presidency.
"What in fact they have done is share this confidential information with outside parties and formed a series of groundless criticisms of the current governance.
"I think that the Swiss Court has made that clear too in its decision this week.
"There is no issue with the EC as an entity, but we need to ensure the members work for their sport rather than themselves.
"For too long now, certain members have sat back and watched boxing’s success, not been instrumental in it.
"At the same time, the so-called IMC was the result of individuals’ designs on taking over the Association.
"If they really believe that any short-term change now would not lead to another power struggle among egos and vested interests in a year’s time, then they will be very disappointed and, most regrettably of all, boxing and all our stakeholders will only suffer even further."