He has now convened an Extraordinary General Assembly (EGM) in three months time and expects to be supported there by National Federations.

insidethegames understands that a group of members, spearheaded by Wales' Terry Smith and Canada's Pat Fiacco, led opposition to Wu at the beginning of the two-day meeting in the Russian capital before threatening to walk out.

Wu, elected AIBA President in 2006 when he defeated Pakistan's Anwar Chowdhry, claimed that he reminded them that only Congress has the power to elect officials or declare a vote of no confidence in them.

"If I had lost a no confidence vote I would have left," the 70-year-old Wu told insidethegames afterwards.

"This is totally untrue.

"What is important is that I was elected by the Congress, which is the highest body in the organisation.

"I have made so many changes and introduced so many reforms as AIBA President.

"I have removed headguards, added women's boxing to the Olympics and introduced the World Series of Boxing.

"The National Federations appreciate this."

The Guardian and New York Times reported that 13 members of the AIBA Executive Committee voted to pass a motion of no confidence in the President.

Two others reportedly abstained.

This was not denied by Wu and AIBA today but he criticised the "political manoeuvring" of his opponents. 

"These two days of intensive meetings have truly confirmed the positive direction that AIBA has taken over the past ten months, but the emergence of a negative faction within the Executive Committee that appears to be bent on creating a false narrative in the media is undermining the organisation’s attempts to move boxing forward," Wu, a member of the International Olympic Committee's (IOC) Executive Board, said.

"I was elected by and work for over 100 National Federations, not 13 members of the Executive Committee.

"Over the past two days, this faction's focus on political manoeuvring rather than the dynamic presentations that have shown the bright future of our sport speaks volumes about their priorities, but nonetheless important decisions were made that leave me with the responsibility to build this new age for boxing. 

"When members of the Executive Committee threaten to walk out of their meeting before having heard the financial audit and reports they requested, it makes me question their motives for being on the Executive Committee of a sport they claim to love, while focussing on personal agendas and privileges.

"These individuals have been on the powerful Executive Committee for years and have been integral in all decision-making. 

"The indifference they have shown to the development of boxing has been in marked contrast to the unity and hard work shown by AIBA staff."

A full financial report is expected to be delivered at the EGM, as well as a vote on how to redistribute the men's weight categories for the 2020 Olympic Games in Tokyo.

The IOC Executive Board ruled last month that the number of divisions will be cut from 10 to eight to accommodate five, rather than three, female divisions.

It is likely that two events which will still feature at other AIBA competitions will be cut just for the Olympics, Wu said, rather than a complete restructuring.

"We will discuss with the IOC and then present to the National Federations at the EGM," he said.

A precise date or location has not yet been decided for the key meeting.

AIBA continues to claim that a settlement agreement has been reached with Azerbaijani company Benkons MMC to repay a $10 million (£8 million/€8.5 million) loan following reports they are on the verge of bankruptcy. 

Benkons director Hamid Hamidov had reportedly claimed in a letter sent to AIBA executive director William Louis-Marie that there was no schedule to repay the loan that was given in 2011 and due to be repaid by 2013.

AIBA blames former executive director Ho Kim for the missing loan and claims criminal cases are currently ongoing against him in Swiss courts.

They claim that Ho enjoyed "wide discretion in the negotiations and implementation of the transaction" and that Wu was not responsible.

Chinese businessman Wu Di has also filed for the return of money he invested in Boxing Marketing Arm (BMA), set up to promote and sell rights for all AIBA products.

Wu Di, owner of the firm First Commitment International Trade Company (FCIT), invested CHF19 million (£15.5 million/$20 million/€17 million) into BMA but filed paperwork on May 31 requesting that his money be returned.

In May, AIBA signed an exclusive global marketing agreement with Alisports, the sport division of Chinese e-commerce giants Alibaba, leading to BMA being closed. 

AIBA claim this decision was taken by the BMA Board, including Wu Di. 

Ho is also being blamed for orchestrating the recent action by the AIBA Executive Committee.

"We will be extremely cautious in evaluating staff to ensure that this does not happen again," Wu told insidethegames.

"It will be zero tolerance and we will be clean, honest and transparent."

Franco Falcinelli, President of the European Boxing Confederation and vice-president of AIBA, claimed Wu had been asked to step down. 

"We now have a terrible situation in the Federation, we have big financial problems, which will have to be solved in the near future," he told Sport-Express in Russia.  

"We will have another extraordinary meeting. 

"Wu will continue to work until the next Congress. 

"We asked him to resign, but he did not."