The IOC Executive Board announced yesterday that AIBA had been stripped of its recognition as the Olympic governing body for the sport and that a taskforce had been set up to oversee the boxing competition at Tokyo 2020.

Its main issue with AIBA centres around the election of Gafur Rakhimov as President last year despite his status with the United States Treasury Department as "one of Uzbekistan's leading criminals".

But a report from the Inquiry Committee, analysed in full by insidethegames, highlights numerous other issues with AIBA's governance, finances and refereeing and judging.

It includes the election of Mohamed Moustahsane as Interim President following Rakhimov's decision to step aside in March amid the looming threat of a suspension by the IOC.

Moustahsane was chairman of the Draw Commission at the 2016 Olympic Games in Rio de Janeiro, where all 36 judges were suspended following concerns over manipulation of bouts.

The report also highlights Terry Smith and Osvaldo Bisbal holding "critical roles" – they are both Executive Committee members and chair the Compliance Unit and Refereeing and Judging Commissions, respectively – as examples of poor governance.

AIBA "has been and continues to be managed in disregard of basic principles of good governance required in accordance with the IOC Code of Ethics (2018 edition) and the Olympic Charter," the report states.

"The disregard of these principles exposes the IOC, its members and commercial partners as well as other Olympic Movement stakeholders to excessive reputational, legal and financial risks," it adds.

Questions are raised surrounding AIBA choosing API Bank in Serbia as its new bank after the Lausanne-based Banque Cantonale Vaudoise closed its account owing to the reputational risk of being associated with the embattled governing body.

API Bank is linked to Agrosoyuz bank, which the US Treasury Department alleges facilitated “significant transactions on behalf of the person who was on the sanctions list for activities related to weapons of mass destruction in connection with North Korea".

AIBA's failure to conduct due diligence on an offer from Umar Kremlev to personally write off the organisation's debt is another issue raised, along with how former executive director Ho Kim is still being paid.

Kim, the report says, received "consultancy payments" last year despite reaching a settlement with AIBA to end his involvement with the governing body.

Analysis from auditing firm Deloitte said it was "not able to ascertain the basis" for the payments.

The full analysis of the report can be read here.