Wu Ching-kuo, president of the Amateur International Boxing Association (Aiba), has been temporarily suspended in an ongoing power struggle.
Wu, who has been in charge of Aiba for 11 years, was accused of financial mismanagement.
According to the Times of India, Aiba’s disciplinary commission made the move on Monday, but revealed the news a day after.
"Wu was found to be in violation of a number of the boxing association's statutes and disciplinary codes," said the commission in a statement.
According to a report published by The Guardian last month, Wu’s deposers accused him of "financial mismanagement" and "collecting substantial funds from Aiba for personal use in his Taipei office".
This summer, members of the organisation’s executive committee, who proclaimed themselves as Aiba’s interim management committee (IMC), passed a vote of no confidence against Wu.
Attempts to oust him continued in the Swiss courts, a movement that Wu described as "unlawful."
In order to maintain his reign, the 70-year-old Taiwanese needs the support of the majority of the federations in an extraordinary congress in Dubai set for November.
However, several federations, including the US, Cuba, Russia and Kazakhstan support Aiba’s IMC in their fight against Wu.
The Guardian also published a fragment of a letter from the president of the French Boxing Federation, André Martin.
"I am deeply convinced that the IMC are able to put our beloved organization back on track," it read. "You can count on my unconditional support and the support of the French Boxing Federation."
Meanwhile, the Board of Boxing Australia said it "views with great concern the current poor financial position which Aiba appears to be in, and the apparent role played by president CK Wu in precipitating that poor position."
According to Aiba’s disciplinary commission, the Association is £11.6 million in debt "without any management or commercial reason."
Aiba’s reputation has also been tarnished by a series of bad decisions that spoiled last year’s boxing competition at the Rio Olympics.
One of the most notable incidents was the clearly fraudulent verdict in the defeat of Irish bantamweight boxer Michael Conlan against Russia’s Vladimir Nikitin.
Despite corruption allegations, Wu has always denied any wrongdoing.
He is expected to appeal against today's ruling.