Wu said he took the decision "for the sport I love and have dedicated my life to". 

It follows an announcement today by AIBA and Wu that they have amicably agreed to resolve management issues within the world governing body and to withdraw and terminate all related pending procedures before civil courts and an AIBA Disciplinary Commission.

Both parties agreed that at this stage there is no indication of any unethical behaviour by either party.

"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," Wu said.

"I am thankful for the time I was allowed to serve our sport, AIBA and the boxing community.”

Earlier this month, Wu was provisionally suspended by the AIBA Executive Committee after they allegedly uncovered fresh allegations of wrongdoing against the Taiwanese official.

Wu, President of AIBA since 2006, was given a similar sanction by the Disciplinary Commission in October and the body's ruling Executive Committee voted 14-0 in favour of keeping it in place following a two-day meeting in Dubai.

The organisation's legal counsel and lawyers had said the initial decision to suspend Wu, a member of the International Olympic Committee's (IOC) Executive Board, was illegal.

Ricardo Contreras and CPV Partners, a Lausanne-based law firm retained by Wu, were subsequently sacked by Interim President Franco Falcinelli.

For the time being, Falcinelli will remain AIBA Interim President exercising all powers of the President in accordance with the statutes.

"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," the Italian said.

"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."

Falcinelli will ask the Executive Committee to vote in favour of a recommendation that the title of AIBA Honorary President be bestowed upon Wu, subject to ratification by the AIBA Congress.

AIBA is due to convene an Extraordinary Congress with all its national member federations on January 27, 2018 in Dubai to notably consider proposed governance changes.

In a statement published on AIBA's website earlier this month, the Executive Committee accused Wu of a number of "serious" allegations in the statement.

The claims from the AIBA Executive Committee largely relate to financial mismanagement, including accusations that the 71-year-old concealed a report detailing the "extremely concerning financial mismanagement of companies affiliated to AIBA".

It also alleged that Wu has failed to provide accurate information on AIBA's current financial situation and that he has been warned in documents from internal officers at the governing body and external auditors of the "concerning" financial state of the organisation.

"Instead of providing full and complete information, President Wu continued to give inaccurate financial information to AIBA's bodies and to issue public statements claiming AIBA's finances were healthy and sound," the statement claimed. 

It also included that Wu allegedly had "secret plans to replace elected officials on the Executive Committee and elected bodies of National Federations by a professional boxing promoter", which goes against AIBA's statutes.

Suggestions that Wu has been orchestrating plans to remove those AIBA Executive Committee members who had led a coup to remove him from the helm of the organisation were reiterated.

Wu has previously denied this.

It has been claimed that this includes six members and three members of the AIBA Executive Committee Bureau.

The financial mismanagement claims come amid concern over a loan agreement with Azerbaijani company Benkons MMC, which is reportedly owed $10 million (£7.5 million/€8.5 million) by AIBA.