According to the New York Times, a study undertaken by PricewaterhouseCoopers could not account for almost half of a $10 million (£8 million/€9 million) loan allocated in 2010 by Baku-based Benkons MMC conglomerate.

The money was to help pay for a World Series of Boxing franchise in the United States. 

The loan was never paid back and AIBA allege that former executive director Ho Kim had control over the account the money was paid into.

They are now claiming they will pursue criminal action against Kim, who was fired in June 2015. 

The South Korean last week sent a letter to nearly 200 National Federations, making a series of allegations against Wu and AIBA. 

"He [Kim] is exhibiting a full contempt for the concept of truth and for his obligations towards AIBA but this is an attitude most of you have experienced when he was in charge of AIBA daily operations," AIBA said in a statement following Kim's letter. 

Wu, President of AIBA since 2006, met last week with International Olympic Committee President Thomas Bach to discuss the situation. 

The 70-year-old Taiwanese businessman appears to retain the support of his key officials. 

"I want to express my deep satisfaction with today’s spirit and sharing of information and our support for President Wu," Franco Falcinelli, President of the European Boxing Confederation and vice-president of the AIBA Executive Committee, said. 

"During the last 10 years we have believed in the President and his integrity, and anything that may damage the institution of AIBA we must face together. 

"We will continue to help our President and to work as one for the good of boxing."

There was also support for Wu today at the Executive Committee meeting in Montreux in Switzerland from another member, Tom Virgets, the former President of USA Boxing.

"Everybody wants the privilege of leadership and to have a voice, but with that comes the burden of responsibility which we all share on the EC as the leaders of AIBA, and we must all respect that and act honourably," he said. 

"Our mission statement is to govern boxing, and it is our job to ensure that this role is carried out with integrity and honour.

"We, the Executive Committee, are not individuals, we are AIBA, and we have a responsibility to put AIBA above anything else. 

"That is why we were elected, and that is where our responsibility lies. 

"The strength of any organisation resides in the integrity of its members, and implicit in the AIBA code is the requirement of individuals who are beyond reproach, who will act in honourable and trustworthy fashion, and will not tolerate others who bring dishonour to the organisation."

It has been a difficult year for AIBA, which included the suspension of all 36 referees and judges used at the Olympic Games in Rio de Janeiro.

Bantamweight world champion Michael Conlan of Ireland claimed amateur boxing "stinks from the core to the very top" after losing a quarter-final bout he appeared to have dominated against a Russian, Vladimir Nikitin.

Earlier today, it was revealed that Conlan had been fined the maximum CHF10,000 (£7,800/$9,700/€9,300) for his comments at Rio 2016, although he is unlikely to pay it unless he wants to compete in the Olympics again.

Following the controversy at Rio 2016, AIBA has announced a series of changes to its judging rules. 

This includes use of all five judges to determine the winner of each contest and the deployment of the Swiss Timing electronic system to randomly select officials before the bouts, along with the removal of the Draw Commission.

To give the judges the optimal conditions to score a match, they will now also be placed on all four sides of the ring, rather than three.

The system was used at last month's AIBA Youth World Championships in Saint Petersburg and received the full backing of the Executive Committee.

"The AIBA Executive Committee has gathered today to show that, even in the face of malicious, unfounded attacks that have dared to call the honour of us all into question, we will stand unified," said Wu. 

"I speak for AIBA, the Executive Committee and all our National Federations when I say that we will not tolerate any misrepresentation of our collective spirit, either internally or externally. 

"The discussions and outcomes of today’s meeting show that AIBA can move forward into the Tokyo 2020 Olympic cycle stronger than ever,"

The changes to the judging system are set to be among the main topics discussed at an Extraordinary Congress of AIBA in Montreux tomorrow.

The Congress will be followed by a black-tie dinner when a number of awards are due to be announced, including the male and female boxers of the year.