The president of Olympic boxing assosiation (AIBA ) Ching -Kuo Wu resigned from his position. He reached a deal with the current management of the organization after long and nasty war of words, threats and lawsuits between him and the Executive committee.

Both parties reached an agreement and signed it on paper. Wu’s governance was challenged after he made several bad deals that harmed the financial stability of AIBA . It’s expected that his resignation to be announced later today!

Check out our articles about the dramatic events that leaded to Wu’s resignation:
THE DIRTY SOCKS OF OLYMPIC BOXING, PART 1: Kazakhstan government invested $10 mil. into AIBA

THE DIRTY SOCKS OF OLYMPIC BOXING, PART II: $20 000 FOR A RIO QUOTA

Wu quit his position as a member of IOC Executive board. He will keep his regular membership at International Olympic committee.

“I step down in the best interests of both AIBA and boxing but I remain committed to ensure a smooth handover to the new leadership. I am thankful for the time I was allowed to serve our sport, AIBA and the boxing community”, said Wu.

On his position will step Franco Falcinelli, who was assigned as interim president after disciplinary actions were taken against Wu.

“I would like to thank Ching-Kuo Wu for his contribution to the sport of boxing and to AIBA over many years and we wish him all the best. Our focus is now on the future and we will concentrate on our core mission of promoting and developing our sport in collaboration with the 202 National Member Federations”, said Falcinelli.