Aslef's general secretary Shaun Brady has been suspended

Keith Norman took over after General Secretary Shaun Brady and two others were suspended over a brawl during a barbecue at Aslef's London base in May.

A union inquiry has been launched after Mr Brady said nearly �1m in union funds was not accounted for. The inquiry is expected to report in July.

Mr Norman said he accepted there was a deficit but that it could be explained.

On Monday, around 60 drivers held a protest over the state of Aslef's finances.

Protest organiser Steve Strumm, 42, demanded the executive publish Aslef's accounts.

"We are told the union has a �900,000 deficit but we are also told that last year there was a �500,000 surplus, so where has that money gone?" he said.

But Mr Norman said he had no reason to believe that money had gone missing, or that people had walked out with "suitcases full of cash".

Investigation

Meanwhile, the ruling executive has started a separate investigation into credit card transactions involving Mr Brady and his deputy.

Both men have denied any wrongdoing.

The union has also been rocked by the barbecue brawl, which Mr Norman said had damaged Aslef and portrayed its officials as thugs.

The executive will receive a report into who threw the first punch next Tuesday.