(CNN) -- The International Olympic Committee told CNN Friday that they are waiting on the result of an investigation by amateur boxing's world governing body into allegations that huge bribes were paid so Azerbaijan can win gold medals at the London 2012 Games.
Reports by the BBC suggested that organizers of the International Amateur Boxing Association (AIBA)'s World Series of Boxing (WSB) paid $9 million to an Azeri national.
The money was allegedly paid to secure two gold medals for Azeri boxers at next year's Olympics in Britain.
"We welcome AIBA's announcement of an immediate inquiry into these claims and we await the outcome of their investigation," an IOC spokesman told CNN.
"For its part the IOC takes all allegations of corruption very seriously. And we would urge the BBC to make any evidence they have available to AIBA and to our ethics commission which will then determine if further action is necessary. "
Olympic boxing has suffered from a number of controversial judging decisions, the most notable involving Roy Jones of the United States at the 1988 Games in Seoul.
He was widely recognized to have easily won his final bout against home fighter Park Si-Hun, but lost on a split decision. There were also a number of questionable results at the Beijing Olympics in China.
The IOC said that the boxing authorities had reacted to the controversies by making "significant changes to their procedures". It added:
"We would also note that the judging process in boxing as in other sports at the Games are transparent and open to public scrutiny ."
The AIBA confirmed that they would launch an investigation but its president Wu Ching-Kuo told AFP that the allegations were "totally untrue and ludicrous."
Amateur boxing's world championships are being staged in the Azerbaijan capital of Baku this weekend, the first event where boxers of all nations can secure a qualifying spot for the Olympics.