The controversial leader of amateur boxing’s governing body, Aiba, has been suspended from his role after allegations of “financial mismanagement” and corruption with a return to post highly unlikely.

Wu Ching-kuo’s turbulent 11-year reign is set to end after the Aiba disciplinary commission voted unanimously to suspend him. The 70-year-old is alleged to have accumulated debt of 15m Swiss francs for the organisation through poor financial management and auditing. He is also accused of trying to depose the members of Aiba’s executive committee who challenged his leadership. This year an executive committee member was removed by Wu after raising questions about possible “deficiencies and irregularities” in Aiba’s finance and governance – before being dramatically reinstated by Swiss courts.

In its decision, the disciplinary commission ordered “the immediate suspension of president Ching-Kuo Wu from the presidency of Aiba, including, but not limited to, suspension of all powers, functions, duties, and responsibilities associated with the office of Aiba president”.

An extraordinary congress is due to be held next month with all the national federations present and a vote on Wu’s future will be held. It is thought he is unlikely to receive the backing required to remain at the helm of the organisation.

Aiba is no stranger to controversy. At the Rio Olympics last summer the organisation was pilloried after a series of dubious decisions. The Irish boxer Michael Conlan claimed he had been “robbed” in his fight with the Russian Vladimir Nikitin.

The Guardian understands Wu’s successor is likely to be Franco Falcinelli, Aiba’s senior vice-president.